Pre Session- Bulls may remain in charge at D-Street
06/10/2015
Indian equity benchmarks are poised to extend a four-day rally on Tuesday tracking a bullish trend across the globe as bets that global monetary policy may remain accommodative to prop up sluggish growth bolsters the lure for risky assets. Marking a four-day rally, the 30-share Sensex logged the second biggest gain of the year on Monday, advancing a mammoth 564.6 points or 2.15 per cent to end at 26,785.55 as tepid US jobs data pushed back bets of monetary tightening in the US, while government assurance that growth in Asia’s third biggest economy will top 7.5 per cent in the ongoing fiscal also bolstered sentiment. A bigger than expected cut in interest rates by the Reserve Bank of India (RBI) last week has infused optimism among Dalal Street traders. Against the backdrop of gains in Asian stocks and a bullish finish at Wall Street overnight, coupled with strength in the SGX CNX Nifty Index futures for October delivery which jumped 0.80 per cent or 66 points at 8,206 at 10:35 am Singapore time, Dalal Street is set for a gap up opening today. All eyes today will be on the September India services PMI which may offer further cues over the health of the Indian economy. In August, the PMI had risen to 51.8 from 50.8 in July, with a reading above 50 signaling expansion.
Asian stocks climbed for a fifth straight day tracking strong gains at Wall Street on Monday as hopes that the US Fed may refrain from raising interest rates for the first time in almost a decade, until next year bolstered risk taking appetite. While markets in mainland China remained shut for holidays, Hang Seng advanced and Japan’s Nikkei 225 surged by over 1 per cent on speculation of additional stimulus from the Bank of Japan (BOJ) before the end of the month. Wall Street soared on Monday with S&P 500 marking its longest rally in a year as dismal US economic data upped speculation that the Fed may keep lower interest rates for longer to support the world’s biggest economy. US services growth cooled in September as demand eased with the PMI falling to 56.9 from 59 in August, but remaining above the neutral-50 mark. The Dow Jones Industrial Average, Nasdaq Composite and S&P 500 advanced 1.85 per cent, 1.56 per cent and 1.83 per cent, respectively.
06/10/2015
Indian equity benchmarks are poised to extend a four-day rally on Tuesday tracking a bullish trend across the globe as bets that global monetary policy may remain accommodative to prop up sluggish growth bolsters the lure for risky assets. Marking a four-day rally, the 30-share Sensex logged the second biggest gain of the year on Monday, advancing a mammoth 564.6 points or 2.15 per cent to end at 26,785.55 as tepid US jobs data pushed back bets of monetary tightening in the US, while government assurance that growth in Asia’s third biggest economy will top 7.5 per cent in the ongoing fiscal also bolstered sentiment. A bigger than expected cut in interest rates by the Reserve Bank of India (RBI) last week has infused optimism among Dalal Street traders. Against the backdrop of gains in Asian stocks and a bullish finish at Wall Street overnight, coupled with strength in the SGX CNX Nifty Index futures for October delivery which jumped 0.80 per cent or 66 points at 8,206 at 10:35 am Singapore time, Dalal Street is set for a gap up opening today. All eyes today will be on the September India services PMI which may offer further cues over the health of the Indian economy. In August, the PMI had risen to 51.8 from 50.8 in July, with a reading above 50 signaling expansion.
Asian stocks climbed for a fifth straight day tracking strong gains at Wall Street on Monday as hopes that the US Fed may refrain from raising interest rates for the first time in almost a decade, until next year bolstered risk taking appetite. While markets in mainland China remained shut for holidays, Hang Seng advanced and Japan’s Nikkei 225 surged by over 1 per cent on speculation of additional stimulus from the Bank of Japan (BOJ) before the end of the month. Wall Street soared on Monday with S&P 500 marking its longest rally in a year as dismal US economic data upped speculation that the Fed may keep lower interest rates for longer to support the world’s biggest economy. US services growth cooled in September as demand eased with the PMI falling to 56.9 from 59 in August, but remaining above the neutral-50 mark. The Dow Jones Industrial Average, Nasdaq Composite and S&P 500 advanced 1.85 per cent, 1.56 per cent and 1.83 per cent, respectively.
