Pre Session- D-Street may snap 3-day losing streak as global rout eases
03/09/2015
Indian equity benchmarks may witness a positive opening on Thursday as steep losses suffered over the past three sessions paves way for good value buying opportunity for traders, in stocks, at existing levels, while some respite from the ongoing global market turmoil also bolsters domestic sentiment. Against the backdrop of a positive trend from Asian equities and a bullish finish at Wall Street overnight, coupled with strength in the SGX CNX Nifty Index futures for September delivery which climbed by 0.31 per cent or 24 points at 7,764 at 10:35 am Singapore time, Dalal Street is set for a gap up opening today.While markets in mainland China and Hong Kong were closed today due to a holiday to commemorate the end of World War II, Japanese stocks jumped by more than 1 per cent as a weaker yen bolstered the lure for exporter stocks. Back home, the 30-share Sensex marked a three-day decline as it plunged by 242.88 points or by 0.95 per cent to end at 25,453.56, the lowest level in 13 months, on Wednesday as tepid factory data from China to the US underscored worries over the health of the global economy, overshadowing the government’s decision not to retrospectively impose the Minimum Alternate Tax (MAT) on capital gains made by foreign investors, a move that is expected to bolster overseas investment into Asia’s third biggest economy. The focus of investors today will be on August services data which will offer further cues over the Indian economy that slowed last quarter. India’s services PMI had returned to expansion in July, coming in at 50.8, against 47.7 in June. Traders continue to expect an interest rate cut from the RBI later this month amidst softening inflation and a factory slowdown.
American stocks soared on Wednesday with the Dow Jones Industrial Average rallying by 1.82 per cent, the tech heavy Nasdaq Composite spiking by 2.46 per cent and benchmark S&P 500 advancing by a massive 1.83 per cent, bouncing back from a steep two-day sell-off as robust US data signaled a strengthening recovery in the world’s biggest economy, renewing risk taking appetite. Private payrolls in the US advanced a healthy 190,000 in August compared to 177,000 in July, while factory orders climbed for a second straight month, up by 0.4 per cent in July from June and the Fed’s latest Beige Book survey showed that the economy continued to expand across most districts in July and August
03/09/2015
Indian equity benchmarks may witness a positive opening on Thursday as steep losses suffered over the past three sessions paves way for good value buying opportunity for traders, in stocks, at existing levels, while some respite from the ongoing global market turmoil also bolsters domestic sentiment. Against the backdrop of a positive trend from Asian equities and a bullish finish at Wall Street overnight, coupled with strength in the SGX CNX Nifty Index futures for September delivery which climbed by 0.31 per cent or 24 points at 7,764 at 10:35 am Singapore time, Dalal Street is set for a gap up opening today.While markets in mainland China and Hong Kong were closed today due to a holiday to commemorate the end of World War II, Japanese stocks jumped by more than 1 per cent as a weaker yen bolstered the lure for exporter stocks. Back home, the 30-share Sensex marked a three-day decline as it plunged by 242.88 points or by 0.95 per cent to end at 25,453.56, the lowest level in 13 months, on Wednesday as tepid factory data from China to the US underscored worries over the health of the global economy, overshadowing the government’s decision not to retrospectively impose the Minimum Alternate Tax (MAT) on capital gains made by foreign investors, a move that is expected to bolster overseas investment into Asia’s third biggest economy. The focus of investors today will be on August services data which will offer further cues over the Indian economy that slowed last quarter. India’s services PMI had returned to expansion in July, coming in at 50.8, against 47.7 in June. Traders continue to expect an interest rate cut from the RBI later this month amidst softening inflation and a factory slowdown.
American stocks soared on Wednesday with the Dow Jones Industrial Average rallying by 1.82 per cent, the tech heavy Nasdaq Composite spiking by 2.46 per cent and benchmark S&P 500 advancing by a massive 1.83 per cent, bouncing back from a steep two-day sell-off as robust US data signaled a strengthening recovery in the world’s biggest economy, renewing risk taking appetite. Private payrolls in the US advanced a healthy 190,000 in August compared to 177,000 in July, while factory orders climbed for a second straight month, up by 0.4 per cent in July from June and the Fed’s latest Beige Book survey showed that the economy continued to expand across most districts in July and August
