Pre Session-Bulls may continue to rule the roost at Dalal Street
27/05/2016
Indian equity benchmarks are likely to witness a gap up opening on Friday as optimism over Asia’s third biggest economy amidst a strong monsoon forecast and improved corporate earnings bolster risk taking appetite. Gains in the CNX Nifty Index Futures for May delivery which advanced by 0.27 per cent or 21.5 points at 8,102.5 at 10:35 AM Singapore time also signal that Dalal Street may open higher today. Shares of SBI, Canara Bank, Central Bank of India, DLF, Indian Overseas Bank, IOL, OIL, Tata Communications will be in focus as these companies unveil their March earnings data today. Upbeat earnings numbers from the likes of L&T have bolstered sentiment while investors are hoping that better monsoon rains may buoy rural demand. Private weather forecaster Skymet sees monsoon rains at 109 per cent above the long-term average, compared with its earlier estimate of 105 per cent. The Modi government’s nod to India’s first ‘National Capital Goods Policy’, which aims to treble capital goods output in 10 years to Rs 7,50,000 crore and raise employment in the sector almost four times to 30 million, has signaled that reforms are back on track. Marking a third straight rally, the 30-share Sensex on Thursday advanced by 485.51 points or by 1.88 per cent to end at 26,366.68 as traders rolled over their positions on the day of the May derivative expiry.
Asian stocks were mixed ahead of Fed Chair Janet Yellen’s speech on Friday in which she may offer further cues over the timing of the next interest rate hike, keeping investors jittery. China’s Shanghai Composite and Hang Seng were trading with modest losses, Japan’s Nikkei 225 rose on speculation that weakness in the country’s economy may push back a planned sales tax increase. Wall Street ended little changed on Thursday as oil retreated after rising to USD 50 per barrel while traders assessed a mixed batch of economic data for clues on whether the world’s biggest economy can withstand the effect of higher interest rates. US jobless claims fell for a second straight week, down by 10,000 to 268,000 while durable goods orders surged 3.4 per cent in April 2016 but a gauge of business investment fell 0.8 per cent.
27/05/2016
Indian equity benchmarks are likely to witness a gap up opening on Friday as optimism over Asia’s third biggest economy amidst a strong monsoon forecast and improved corporate earnings bolster risk taking appetite. Gains in the CNX Nifty Index Futures for May delivery which advanced by 0.27 per cent or 21.5 points at 8,102.5 at 10:35 AM Singapore time also signal that Dalal Street may open higher today. Shares of SBI, Canara Bank, Central Bank of India, DLF, Indian Overseas Bank, IOL, OIL, Tata Communications will be in focus as these companies unveil their March earnings data today. Upbeat earnings numbers from the likes of L&T have bolstered sentiment while investors are hoping that better monsoon rains may buoy rural demand. Private weather forecaster Skymet sees monsoon rains at 109 per cent above the long-term average, compared with its earlier estimate of 105 per cent. The Modi government’s nod to India’s first ‘National Capital Goods Policy’, which aims to treble capital goods output in 10 years to Rs 7,50,000 crore and raise employment in the sector almost four times to 30 million, has signaled that reforms are back on track. Marking a third straight rally, the 30-share Sensex on Thursday advanced by 485.51 points or by 1.88 per cent to end at 26,366.68 as traders rolled over their positions on the day of the May derivative expiry.
Asian stocks were mixed ahead of Fed Chair Janet Yellen’s speech on Friday in which she may offer further cues over the timing of the next interest rate hike, keeping investors jittery. China’s Shanghai Composite and Hang Seng were trading with modest losses, Japan’s Nikkei 225 rose on speculation that weakness in the country’s economy may push back a planned sales tax increase. Wall Street ended little changed on Thursday as oil retreated after rising to USD 50 per barrel while traders assessed a mixed batch of economic data for clues on whether the world’s biggest economy can withstand the effect of higher interest rates. US jobless claims fell for a second straight week, down by 10,000 to 268,000 while durable goods orders surged 3.4 per cent in April 2016 but a gauge of business investment fell 0.8 per cent.
