Pre Session: Market may resume rally on diminishing Fed rate hike bets
09/10/2015 08:34
Indian equity benchmarks are poised to resume rally on Friday after a small drop yesterday, tracking bullish cues from markets across Asia as weak global outlook pushed back bets of a hike in interest rates by the US Federal Reserve, bolstering the lure for risk taking appetite. A delayed US rate hike may boost capital inflows into emerging markets including India. Against the backdrop of positive global cues and strength in the SGX CNX Nifty Index futures for October delivery which jumped 60 points at 8,228 at 10:44 am Singapore time, Dalal Street is set for a gap up opening today. Snapping six-day gaining streak, the Indian equities ended lower on Thursday amid profit booking and weak rupee, tracking a weak trend in Asian markets. The benchmark Sensex slipped below the psychological 27,000 mark as market lost some steam after IMF cut economic growth projections, souring sentiment in risky assets. The 30-share BSE SENSEX closed at 26845.81, down by 190.04 points or by 0.7 per cent and the NSE Nifty ended 48.05 points lower at 8129.35.
Asian stocks were trading higher, with markets in mainland China continued rally for the second day of trade after a week-long holiday. While markets in Hong Kong and Japan were also trading in green amid hopes that the Fed may put off tightening interest rates until next year after poor jobs data underscored weakness in the economy amidst a global turmoil. In the overnight trade, Wall Street closed higher on Thursday as Fed minutes confirm no urgency to tighten policy.
09/10/2015 08:34
Indian equity benchmarks are poised to resume rally on Friday after a small drop yesterday, tracking bullish cues from markets across Asia as weak global outlook pushed back bets of a hike in interest rates by the US Federal Reserve, bolstering the lure for risk taking appetite. A delayed US rate hike may boost capital inflows into emerging markets including India. Against the backdrop of positive global cues and strength in the SGX CNX Nifty Index futures for October delivery which jumped 60 points at 8,228 at 10:44 am Singapore time, Dalal Street is set for a gap up opening today. Snapping six-day gaining streak, the Indian equities ended lower on Thursday amid profit booking and weak rupee, tracking a weak trend in Asian markets. The benchmark Sensex slipped below the psychological 27,000 mark as market lost some steam after IMF cut economic growth projections, souring sentiment in risky assets. The 30-share BSE SENSEX closed at 26845.81, down by 190.04 points or by 0.7 per cent and the NSE Nifty ended 48.05 points lower at 8129.35.
Asian stocks were trading higher, with markets in mainland China continued rally for the second day of trade after a week-long holiday. While markets in Hong Kong and Japan were also trading in green amid hopes that the Fed may put off tightening interest rates until next year after poor jobs data underscored weakness in the economy amidst a global turmoil. In the overnight trade, Wall Street closed higher on Thursday as Fed minutes confirm no urgency to tighten policy.
