Pre Session- No respite in sight for Dalal Street as global rout continues
11/02/2016
Indian equity benchmarks are poised to extend a three-day slide on Thursday as a worsening global stock sell-off amidst a continued commodity rout, worries over a China slowdown and renewed fears over the US economy sour risk taking appetite. Against the backdrop of a slump in Asian stocks, coupled with weakness in the CNX Nifty Index futures for February delivery which fell 0.85 per cent or by 61 points at 7,188 at 10:27 am Singapore time, Dalal Street is set to witness a gap down opening today. Whilst the global turmoil seems to have made domestic investors jittery, the focus is also gradually increasing towards the Union Budget on February 29 in which the centre will unveil the progress made on its fiscal consolidation efforts, necessary to win more interest rate cuts from the RBI, while key reforms related to power, roads and banking may be announced. Traders will eye the December quarter earnings data from SBI, Tata Motors, Coal India, BHEL, Hero MotoCorp, ONGC, Bank of India, Indian Bank, J&K Bank, Oriental Bank of Commerce, Punjab & Sind Bank, United Bank of India and Union Bank, to be unveiled today. Marking a third straight session in the red, the 30-share Sensex on Wednesday slid by 262.08 points or by 1.09 per cent to end at 23,758.9 as a spike in bad loans at public sector banks and a continued sell-off in global stock markets hit sentiment.
11/02/2016
Indian equity benchmarks are poised to extend a three-day slide on Thursday as a worsening global stock sell-off amidst a continued commodity rout, worries over a China slowdown and renewed fears over the US economy sour risk taking appetite. Against the backdrop of a slump in Asian stocks, coupled with weakness in the CNX Nifty Index futures for February delivery which fell 0.85 per cent or by 61 points at 7,188 at 10:27 am Singapore time, Dalal Street is set to witness a gap down opening today. Whilst the global turmoil seems to have made domestic investors jittery, the focus is also gradually increasing towards the Union Budget on February 29 in which the centre will unveil the progress made on its fiscal consolidation efforts, necessary to win more interest rate cuts from the RBI, while key reforms related to power, roads and banking may be announced. Traders will eye the December quarter earnings data from SBI, Tata Motors, Coal India, BHEL, Hero MotoCorp, ONGC, Bank of India, Indian Bank, J&K Bank, Oriental Bank of Commerce, Punjab & Sind Bank, United Bank of India and Union Bank, to be unveiled today. Marking a third straight session in the red, the 30-share Sensex on Wednesday slid by 262.08 points or by 1.09 per cent to end at 23,758.9 as a spike in bad loans at public sector banks and a continued sell-off in global stock markets hit sentiment.
