Pre Session-Bulls may continue to rule the roost at D-Street; Services PMI eyed
03/06/2016
Indian equity benchmarks are poised to witness a gap up opening on Friday with continued optimism over Asia’s third biggest economy bolstering the appetite for risky assets. Gains in the CNX Nifty Index Futures for June delivery which advanced by 0.35 per cent or 29 points at 8,263 at 10:32 AM Singapore time also signals that Dalal Street may open higher today. The focus today will on the May Services PMI data which will offer further cues over the country’s economic outlook. In April, the Indian services gauge eased to 53.7 from 54.3 in March, signaling a softer pace of expansion. Caution ahead of the US jobs data which may dictate the timing of the next Fed interest rate hike may weigh on sentiment. The world’s biggest economy is tipped to have added a robust 160K jobs in May with the unemployment rate slipping to 4.9 per cent, analysts’ estimates showed. A bullish jobs report may bolster the case for the Fed to raise borrowing costs as early as June, a move which may cause capital outflows from emerging markets. Meanwhile, the OPEC shunned the idea of a production ceiling while the cartel was hopeful of a recovery in global oil prices. The European Central Bank (ECB) refrained from fresh stimulus, while raising growth and inflation forecasts for the 19-member Euro area economy. Back home, the 30-share Sensex on Thursday rallied for a second straight day, jumping by 129.21 points or by 0.48 to end at 26,843.14 driven by Coal India which surged after raising coal prices.
Most Asian stocks advanced before the US May jobs data on Friday that’s likely to have a bearing on the Federal Reserve interest rate policy in June. China’s Shanghai Composite logged modest gains after the country’s services gauge fell to 51.2 in May from 51.8 in April, signaling risks of a worsening slowdown in the world’s second biggest economy. Hang Seng rose while Japan’s Nikkei 225 advanced as the yen halted its advanced against the dollar, bolstering the lure for exporter stocks. Wall Street jumped to a seven-month high on Thursday, with benchmark S&P 500 closing above the 2,100 mark for the first time since April as traders awaited the US jobs data. ADP reported that American private employers added 173,000 workers in May, up from 166,000 in April.
03/06/2016
Indian equity benchmarks are poised to witness a gap up opening on Friday with continued optimism over Asia’s third biggest economy bolstering the appetite for risky assets. Gains in the CNX Nifty Index Futures for June delivery which advanced by 0.35 per cent or 29 points at 8,263 at 10:32 AM Singapore time also signals that Dalal Street may open higher today. The focus today will on the May Services PMI data which will offer further cues over the country’s economic outlook. In April, the Indian services gauge eased to 53.7 from 54.3 in March, signaling a softer pace of expansion. Caution ahead of the US jobs data which may dictate the timing of the next Fed interest rate hike may weigh on sentiment. The world’s biggest economy is tipped to have added a robust 160K jobs in May with the unemployment rate slipping to 4.9 per cent, analysts’ estimates showed. A bullish jobs report may bolster the case for the Fed to raise borrowing costs as early as June, a move which may cause capital outflows from emerging markets. Meanwhile, the OPEC shunned the idea of a production ceiling while the cartel was hopeful of a recovery in global oil prices. The European Central Bank (ECB) refrained from fresh stimulus, while raising growth and inflation forecasts for the 19-member Euro area economy. Back home, the 30-share Sensex on Thursday rallied for a second straight day, jumping by 129.21 points or by 0.48 to end at 26,843.14 driven by Coal India which surged after raising coal prices.
Most Asian stocks advanced before the US May jobs data on Friday that’s likely to have a bearing on the Federal Reserve interest rate policy in June. China’s Shanghai Composite logged modest gains after the country’s services gauge fell to 51.2 in May from 51.8 in April, signaling risks of a worsening slowdown in the world’s second biggest economy. Hang Seng rose while Japan’s Nikkei 225 advanced as the yen halted its advanced against the dollar, bolstering the lure for exporter stocks. Wall Street jumped to a seven-month high on Thursday, with benchmark S&P 500 closing above the 2,100 mark for the first time since April as traders awaited the US jobs data. ADP reported that American private employers added 173,000 workers in May, up from 166,000 in April.
