Pre Session: Gap down opening seen at Dalal-Street; PVR, DLF in focus
10/06/2015
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The Indian equity benchmarks are poised to open lower for a seventh straight day on Wednesday following a muted cues from Asian peers which were trading marginally lower after US markets ended flat in overnight trade. Further, the gap down opening of the SGX CNX Nifty Index futures for June delivery indicates a bearish opening for domestic bourses. According to market analyst, the market may see temporary bounce back after maintaining downtrend in the last seven trading session. On the global front, Asian peers were trading on mix note as investors reacted negatively to better-than-expected US employment data which boosted the case for the Federal Reserve to raise interest rates this year. Japan's Nikkei 225 index, Hong Kong's Hang Seng index and China's Shanghai index were trading lower. Back home, stocks of DLF and PVR will remain in focus after India’s leading cinema chain in India, on Tuesday announced that it has entered into definitive agreements with DLF Utilities Limited to acquire its cinema exhibition business, which is operated under the brand name of "DT Cinemas", on slump sale basis for an aggregate consideration of Rs. 500 Crores approx.
On Tuesday, the Indian benchmarks ended on a negative note in the midst of a range-bound trading session tracking losses among the global peers amid ongoing Greek debt crises and fears of Fed rate hike on the back of an upbeat US job data. However, a strong rupee coupled with strength in banking stocks after RBI allowed banks to take over management of loan defaulters in the view of restructuring the ailing banks has limited the losses. On the sectoral front, BSE Healthcare index is leading the decline as it down by 1.2 per cent while Metal index is the top gainer up by nearly 1 per cent, thus capping the losses.
