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Pre Session- Gap down opening seen for Sensex on global sell-off
24/05/2016
The key domestic equity benchmarks are likely to open on a negative note on Tuesday tracking a bearish trend in markets across Asia and a weak finish at Wall Street overnight as traders across the globe brace for a potential US Fed interest rate hike next month, souring risk taking appetite. Rising speculation of a Fed rate hike in the near-term comes at a time when global economic growth remains stuck in low gear, making investors jittery. Losses in the CNX Nifty Index Futures for May delivery which fell by 0.15 per cent or 11.5 points at 7,725.5 at 10:25 AM Singapore time also signal that Dalal Street may open lower today. Shares of Cipla, Bajaj Finance and J&K Bank will be in focus today as they report their March quarter earnings. Volatility may remain high at the domestic bourses as traders roll over their positions ahead of the May futures & options (F&O) expiry on Thursday. Marking a fourth straight day in the red, the 30-share Sensex on Monday plunged by 71.54 points or by 0.28 per cent to end at 25,230.36 as caution persisted amid fears of US Fed rate tightening in the near-term while eying the path of the monsoon rains.
Asian stocks retreated today amid bets that the US Fed is moving closer to undertaking an interest rate hike. Federal Reserve Bank of St. Louis President James Bullard said that he doesn’t expect a UK referendum on EU membership to influence the Fed’s rate hike decision, while San Francisco Fed’s Williams said that two or three rate hikes this year may be warranted. China’s Shanghai Composite fell led by decline in commodity & industrial shares, Hang Seng dropped while Japan’s Nikkei 225 plunged as a stronger yen curbed the lure for exporter stocks. Wall Street treaded water on Monday as traders awaited more signals over the timing of the next Fed rate hike while data showed that US manufacturing activity slid to the lowest level since September 2009 with the Markit Manufacturing PMI falling to 50.5 in May from 50.8 in April, a tad above the neutral 50-mark
Pre Session- Gap down opening seen for Sensex on global sell-off
24/05/2016
The key domestic equity benchmarks are likely to open on a negative note on Tuesday tracking a bearish trend in markets across Asia and a weak finish at Wall Street overnight as traders across the globe brace for a potential US Fed interest rate hike next month, souring risk taking appetite. Rising speculation of a Fed rate hike in the near-term comes at a time when global economic growth remains stuck in low gear, making investors jittery. Losses in the CNX Nifty Index Futures for May delivery which fell by 0.15 per cent or 11.5 points at 7,725.5 at 10:25 AM Singapore time also signal that Dalal Street may open lower today. Shares of Cipla, Bajaj Finance and J&K Bank will be in focus today as they report their March quarter earnings. Volatility may remain high at the domestic bourses as traders roll over their positions ahead of the May futures & options (F&O) expiry on Thursday. Marking a fourth straight day in the red, the 30-share Sensex on Monday plunged by 71.54 points or by 0.28 per cent to end at 25,230.36 as caution persisted amid fears of US Fed rate tightening in the near-term while eying the path of the monsoon rains.
Asian stocks retreated today amid bets that the US Fed is moving closer to undertaking an interest rate hike. Federal Reserve Bank of St. Louis President James Bullard said that he doesn’t expect a UK referendum on EU membership to influence the Fed’s rate hike decision, while San Francisco Fed’s Williams said that two or three rate hikes this year may be warranted. China’s Shanghai Composite fell led by decline in commodity & industrial shares, Hang Seng dropped while Japan’s Nikkei 225 plunged as a stronger yen curbed the lure for exporter stocks. Wall Street treaded water on Monday as traders awaited more signals over the timing of the next Fed rate hike while data showed that US manufacturing activity slid to the lowest level since September 2009 with the Markit Manufacturing PMI falling to 50.5 in May from 50.8 in April, a tad above the neutral 50-mark
