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Pre Session- Sensex set to open on bullish note amid firm Asia trend
30/05/2016
Indian equity benchmarks are likely to witness a gap up opening on Monday tracking a mostly positive trend across markets in Asia amid growing optimism that the US economy is in strong shape to withstand the effect of higher interest rates, bolstering risk taking appetite. While US economic growth in the first quarter was revised up to 0.8 per cent annualized pace from 0.5 per cent reported earlier, Fed Chair Janet Yellen said that an improving American economy is likely to pave the way for a hike in borrowing costs in the coming months. Gains in the CNX Nifty Index Futures for May delivery which advanced by 0.57 per cent or 46.5 points at 8,217 at 10:38 AM Singapore time also signal that Dalal Street may open higher today. Market sentiment this week may be dictated by the last leg of the March quarter earnings numbers with shares of Tata Motors, NTPC, Aurobindo Pharma, and M&M to be in focus, while traders will also keep an eye on the progress of the monsoon rains. Auto sales numbers for May, first quarter GDP data and Manufacturing & Services PMI for May will also be announced this week, offering fresh cues over the health of Asia’s third biggest economy. Marking the biggest weekly gain since early March, the 30-share Sensex last week jumped 1,351.70 points to end at 26,653.6 as optimism over the monsoon bolstered sentiment.
Most Asian stocks advanced on speculation that the world’s biggest economy is strong enough to handle higher borrowing costs. Shanghai Composite fell as metal and technology shares retreated while a slowdown in Chinese industrial profit growth to 4.2 per cent, year on year, in April 2016 from 11.1 per cent in March 2016, added to the worries over the world’s second biggest economy. Hang Seng rose and Japan’s Nikkei 225 jumped as a weaker yen bolstered the appeal of exporter stocks. Wall Street marked a bullish finish on Friday with benchmark S&P 500 scoring its biggest weekly gain since March as Yellen said that improvement in the US economy warranted a rate hike as early as this summer.
Pre Session- Sensex set to open on bullish note amid firm Asia trend
30/05/2016
Indian equity benchmarks are likely to witness a gap up opening on Monday tracking a mostly positive trend across markets in Asia amid growing optimism that the US economy is in strong shape to withstand the effect of higher interest rates, bolstering risk taking appetite. While US economic growth in the first quarter was revised up to 0.8 per cent annualized pace from 0.5 per cent reported earlier, Fed Chair Janet Yellen said that an improving American economy is likely to pave the way for a hike in borrowing costs in the coming months. Gains in the CNX Nifty Index Futures for May delivery which advanced by 0.57 per cent or 46.5 points at 8,217 at 10:38 AM Singapore time also signal that Dalal Street may open higher today. Market sentiment this week may be dictated by the last leg of the March quarter earnings numbers with shares of Tata Motors, NTPC, Aurobindo Pharma, and M&M to be in focus, while traders will also keep an eye on the progress of the monsoon rains. Auto sales numbers for May, first quarter GDP data and Manufacturing & Services PMI for May will also be announced this week, offering fresh cues over the health of Asia’s third biggest economy. Marking the biggest weekly gain since early March, the 30-share Sensex last week jumped 1,351.70 points to end at 26,653.6 as optimism over the monsoon bolstered sentiment.
Most Asian stocks advanced on speculation that the world’s biggest economy is strong enough to handle higher borrowing costs. Shanghai Composite fell as metal and technology shares retreated while a slowdown in Chinese industrial profit growth to 4.2 per cent, year on year, in April 2016 from 11.1 per cent in March 2016, added to the worries over the world’s second biggest economy. Hang Seng rose and Japan’s Nikkei 225 jumped as a weaker yen bolstered the appeal of exporter stocks. Wall Street marked a bullish finish on Friday with benchmark S&P 500 scoring its biggest weekly gain since March as Yellen said that improvement in the US economy warranted a rate hike as early as this summer.
