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Pre Session-Gap up opening seen for Sensex despite weak global trend
06/06/2016
Indian equity benchmarks are likely to open higher on Monday as investors turn their attention to the RBI’s second bi-monthly policy meet tomorrow for its prognosis on Asia’s third biggest economy even though an interest rate cut remains highly unlikely as the central bank focuses on inflation control, liquidity management and the pending policy transmission after easing policy rates by a cumulative 150 basis points over the past 18 months. Gains in the CNX Nifty Index Futures for June delivery which advanced by 0.11 per cent or 9 points at 8,246 at 10:23 AM Singapore time also signals that Dalal Street may open higher today. The RBI, in its April 5, 2016 policy meeting had cut the repo rate by 25 basis points to 6.5 per cent. Aside from the RBI meet, investors this week will also eye the industrial production data for the month of April and the progress of the monsoon rains. The country’s industrial output advanced 0.1 per cent, year on year in March 2016. Meanwhile, the Met Department has ruled out any possibility of a deficient monsoon this year with 96 per cent chances of a “normal to excess” rainfall. Marking a second straight week in the red, the 30-share Sensex advanced by 189.43 points to settle at 26,843.03 as better –than-expected Q4 GDP data, upbeat Q4 earnings and optimism over a good monsoon buoyed the country’s economic outlook.
Asian stocks dropped on Monday after dismal US May jobs data raised concerns over a loss of momentum in the world’s biggest economy, souring risk taking appetite. China’s Shanghai Composite fell amid jitters ahead of a raft of economic data this week; Hang Seng was trading lower while Japan’s Nikkei 225 plunged over 1 per cent as a stronger yen curbed the lure for exporter stocks. Wall Street tread water on Friday after data showed that the US economy added the fewest jobs since September 2010 in May 2016 while services expanded at the slowest pace in more than two years last month, probably putting off an interest rate hike by the Fed in the near-term. Employment in the US grew by 38,000 in May 2016 following a downwardly revised advance of 123,000 in April 2016. The ISM’s non-manufacturing gauge fell to 52.9 in May, the weakest since February 2014, from 55.7 in April, with a reading above 50 signaling expansion. Top traded Volumes on NSE Nifty – Idea Cellular Ltd. 209414896.00, State Bank of India 24568749.00, ICICI Bank Ltd. 15060651.00, Axis Bank Ltd. 13581215.00 and Tata Motors Ltd. 11672544.00.
Pre Session-Gap up opening seen for Sensex despite weak global trend
06/06/2016
Indian equity benchmarks are likely to open higher on Monday as investors turn their attention to the RBI’s second bi-monthly policy meet tomorrow for its prognosis on Asia’s third biggest economy even though an interest rate cut remains highly unlikely as the central bank focuses on inflation control, liquidity management and the pending policy transmission after easing policy rates by a cumulative 150 basis points over the past 18 months. Gains in the CNX Nifty Index Futures for June delivery which advanced by 0.11 per cent or 9 points at 8,246 at 10:23 AM Singapore time also signals that Dalal Street may open higher today. The RBI, in its April 5, 2016 policy meeting had cut the repo rate by 25 basis points to 6.5 per cent. Aside from the RBI meet, investors this week will also eye the industrial production data for the month of April and the progress of the monsoon rains. The country’s industrial output advanced 0.1 per cent, year on year in March 2016. Meanwhile, the Met Department has ruled out any possibility of a deficient monsoon this year with 96 per cent chances of a “normal to excess” rainfall. Marking a second straight week in the red, the 30-share Sensex advanced by 189.43 points to settle at 26,843.03 as better –than-expected Q4 GDP data, upbeat Q4 earnings and optimism over a good monsoon buoyed the country’s economic outlook.
Asian stocks dropped on Monday after dismal US May jobs data raised concerns over a loss of momentum in the world’s biggest economy, souring risk taking appetite. China’s Shanghai Composite fell amid jitters ahead of a raft of economic data this week; Hang Seng was trading lower while Japan’s Nikkei 225 plunged over 1 per cent as a stronger yen curbed the lure for exporter stocks. Wall Street tread water on Friday after data showed that the US economy added the fewest jobs since September 2010 in May 2016 while services expanded at the slowest pace in more than two years last month, probably putting off an interest rate hike by the Fed in the near-term. Employment in the US grew by 38,000 in May 2016 following a downwardly revised advance of 123,000 in April 2016. The ISM’s non-manufacturing gauge fell to 52.9 in May, the weakest since February 2014, from 55.7 in April, with a reading above 50 signaling expansion. Top traded Volumes on NSE Nifty – Idea Cellular Ltd. 209414896.00, State Bank of India 24568749.00, ICICI Bank Ltd. 15060651.00, Axis Bank Ltd. 13581215.00 and Tata Motors Ltd. 11672544.00.
