Pre Market Report-Gap up opening seen for Sensex despite mixed Asia trend
18/07/2016
Indian equity benchmarks are likely to post a bullish opening on Monday as traders eye the next batch of quarterly earnings and hope that the upcoming monsoon session of the Parliament may witness the passage of the long pending goods and services tax (GST) bill, bolstering risk taking appetite. Gains in the CNX Nifty Index Futures for July delivery, which climbed by 0.23 per cent or by 20 points to 8,580.5 at 10:50 AM Singapore time, signal that Dalal Street may open higher today. Shares of RIL may witness some buying momentum after the oil & gas major in after market hours on Friday reported a bigger-than-expected rise in Q1 FY 2016-17 net profit of 18.1 per cent at Rs 7,113 crore from the same period a year ago. The focus will be on the quarterly earnings of Hindustan Unilever, UltraTech Cement, Wipro, Axis Bank, Cairn India and HDFC Bank this week while the progress of the monsoon rains will also be eyed. Foreign investment activity, movement of the rupee vs the greenback, international oil prices and global market trend may also influence D-Street this week. The 30-share Sensex on Friday fell by 0.38 per cent to end at 27,836.5 as Infosys nosedived nearly 9 per cent after the IT major announced FY17 revenue to grow between 10.5 per cent and 12 per cent in constant currency versus its previous estimate of 11.5-13.5 per cent.
Asian stocks were trading mixed as traders weighed the failed coup attempt in Turkey against an improving outlook for the US economy. While markets in Japan were closed for a holiday, Shanghai Composite fell and Hang Seng logged slim gains. Wall Street ended little changed on Friday with S&P 500 halting a 5-day winning streak as traders resorted to profit taking. Retail sales in the US notched up a bigger-than-expected gain in June while factories boosted production at the fastest pace since January, signaling a pickup in the recovery in the world’s biggest economy.
18/07/2016
Indian equity benchmarks are likely to post a bullish opening on Monday as traders eye the next batch of quarterly earnings and hope that the upcoming monsoon session of the Parliament may witness the passage of the long pending goods and services tax (GST) bill, bolstering risk taking appetite. Gains in the CNX Nifty Index Futures for July delivery, which climbed by 0.23 per cent or by 20 points to 8,580.5 at 10:50 AM Singapore time, signal that Dalal Street may open higher today. Shares of RIL may witness some buying momentum after the oil & gas major in after market hours on Friday reported a bigger-than-expected rise in Q1 FY 2016-17 net profit of 18.1 per cent at Rs 7,113 crore from the same period a year ago. The focus will be on the quarterly earnings of Hindustan Unilever, UltraTech Cement, Wipro, Axis Bank, Cairn India and HDFC Bank this week while the progress of the monsoon rains will also be eyed. Foreign investment activity, movement of the rupee vs the greenback, international oil prices and global market trend may also influence D-Street this week. The 30-share Sensex on Friday fell by 0.38 per cent to end at 27,836.5 as Infosys nosedived nearly 9 per cent after the IT major announced FY17 revenue to grow between 10.5 per cent and 12 per cent in constant currency versus its previous estimate of 11.5-13.5 per cent.
Asian stocks were trading mixed as traders weighed the failed coup attempt in Turkey against an improving outlook for the US economy. While markets in Japan were closed for a holiday, Shanghai Composite fell and Hang Seng logged slim gains. Wall Street ended little changed on Friday with S&P 500 halting a 5-day winning streak as traders resorted to profit taking. Retail sales in the US notched up a bigger-than-expected gain in June while factories boosted production at the fastest pace since January, signaling a pickup in the recovery in the world’s biggest economy.
