Pre Session- Gap up opening seen at D-Street; Manufacturing PMI eyed
01/10/2015
Indian equity benchmarks are poised to open higher today as the Reserve Bank of India’s (RBI) decision to aggressively cut interest rates on Tuesday continues to bolster investor sentiment in equities as outlook for growth improves in Asia’s third biggest economy amidst robust monetary policy easing. The RBI on Tuesday slashed its key repo rate by 50 basis points to 6.75 per cent, against expectations of a 25 basis points cut. Marking a second straight session of gains, the 30-share Sensex advanced by 376.17 points or by 1.46 per cent, the biggest rally in three weeks to end at 26,154.83 on Wednesday as the RBI’s move spurred buying momentum while a strengthening rupee also boosted risk taking appetite. Traders will today focus on the September manufacturing PMI, which will provide a snapshot on the health of the country’s manufacturing sector. The index gauging manufacturing in India eased slightly to 52.3 in August from a six-month high of 52.7 in July. Against the backdrop of positive global cues and strength in the SGX CNX Nifty Index futures for October delivery which jumped 0.74 per cent or 59.5 points at 8,035.5 at 10:44 am Singapore time, a bullish opening beckons Dalal Street on Thursday. Markets will be closed on Friday on the occasion of Gandhi Jayanti.
On the Asia front, markets in mainland China and Hong Kong were shut due to holidays, but Japan’s Nikkei 225 soared even as a quarterly survey of Japan’s big manufacturers showed a slide in confidence in September from June, signaling concerns over the health of the world’s third biggest economy, bolstering the case for further stimulus from the Bank of Japan. Gains in Asian markets came even as a gauge measuring China manufacturing tumbled to the lowest level in six and a half years at 47.2 in September, with a reading below 50 signaling contraction, indicating a worsening factory slump in the world’s second biggest economy. Marking a bullish finish to the worst quarter in four years, Wall Street rallied on Wednesday with the Dow Jones Industrial Average, Nasdaq Composite and S&P 500 soaring by 1.47 per cent, 2.28 per cent and 1.91 per cent, respectively, as robust private payrolls data signaled a pickup in the labour market of the world’s biggest economy. Private payrolls in the US advanced 200,000 in September, up from 186,000 in August, ADP said
01/10/2015
Indian equity benchmarks are poised to open higher today as the Reserve Bank of India’s (RBI) decision to aggressively cut interest rates on Tuesday continues to bolster investor sentiment in equities as outlook for growth improves in Asia’s third biggest economy amidst robust monetary policy easing. The RBI on Tuesday slashed its key repo rate by 50 basis points to 6.75 per cent, against expectations of a 25 basis points cut. Marking a second straight session of gains, the 30-share Sensex advanced by 376.17 points or by 1.46 per cent, the biggest rally in three weeks to end at 26,154.83 on Wednesday as the RBI’s move spurred buying momentum while a strengthening rupee also boosted risk taking appetite. Traders will today focus on the September manufacturing PMI, which will provide a snapshot on the health of the country’s manufacturing sector. The index gauging manufacturing in India eased slightly to 52.3 in August from a six-month high of 52.7 in July. Against the backdrop of positive global cues and strength in the SGX CNX Nifty Index futures for October delivery which jumped 0.74 per cent or 59.5 points at 8,035.5 at 10:44 am Singapore time, a bullish opening beckons Dalal Street on Thursday. Markets will be closed on Friday on the occasion of Gandhi Jayanti.
On the Asia front, markets in mainland China and Hong Kong were shut due to holidays, but Japan’s Nikkei 225 soared even as a quarterly survey of Japan’s big manufacturers showed a slide in confidence in September from June, signaling concerns over the health of the world’s third biggest economy, bolstering the case for further stimulus from the Bank of Japan. Gains in Asian markets came even as a gauge measuring China manufacturing tumbled to the lowest level in six and a half years at 47.2 in September, with a reading below 50 signaling contraction, indicating a worsening factory slump in the world’s second biggest economy. Marking a bullish finish to the worst quarter in four years, Wall Street rallied on Wednesday with the Dow Jones Industrial Average, Nasdaq Composite and S&P 500 soaring by 1.47 per cent, 2.28 per cent and 1.91 per cent, respectively, as robust private payrolls data signaled a pickup in the labour market of the world’s biggest economy. Private payrolls in the US advanced 200,000 in September, up from 186,000 in August, ADP said
