Global cues, domestic economic data to dictate the trend in an overall weak mkt

Lack of positive trigger and delay in economic recovery has seen weakness in the Indian market. Apart from the global weakness and concerns emerging on Greek defaulting on its repayment to the International Monetary Fund (IMF), the domestic market remained subdued after governor Raghuram Rajan ruled out any more rate cut in 2015 following concerns over inflation which added to the woes in the market. News of monsoon being lower than normal also kept the Indian market jittery. The IMD downgraded monsoon forecast from 93 per cent to 88 per cent.

In the data heavy week the Indian equity market will continue to remain volatile with no major trigger in sight. Possibility of a bounce back can't be ruled out after a five-day selling spree, but uncertainty and lack of positive development will keep market jittery.

Meanwhile on Monday, June 8, 2015, the Reserve Bank of India (RBI) is scheduled to announce current account deficit (CAD) data for fourth quarter ended on March 2015. India's CAD narrowed to $8.2 billion or 1.6 per cent of GDP in the third quarter ended on December 2014 from $10.1 billion or 2 per cent of GDP in second quarter ended on September 2014.

The market will also keep a close eye on Friday, June 12, 2015 when the government announces its April industrial production data (IIP), April manufacturing production data and May inflation data.

Among the global events market will closely watch development in Greece and Euro-zone. Greece defaulted on its repayment of Euro 303.3 million to the IMF that was scheduled on last Friday, June 5, 2015, but notified that it plans to bundle all its June loan repayments into one payment of around Euro 1.6 billion due by the end of the month.

Among other global data on Monday, June 8, 2015, China will release its trade balance data and Germany will announce its industrial production data for the month of April 2015.

On Wednesday, June 10, 2015, UK will declare it industrial production data for April 2015, while on Thursday, June 11, 2015, China will announce its industrial and retail sales for the month of May 2015.