Pre Session- Gap up opening seen for Sensex; Manufacturing PMI eyed
01/08/2016
Indian equity benchmarks are set to witness a positive opening on Monday as progress on the crucial Goods and Services Tax (GST) bill bolsters the outlook for Asia’s third biggest economy, boosting risk taking appetite. Gains in the CNX Nifty Index Futures for August delivery which advanced 0.53 per cent or 46 points at 8,733.5, at 10:25 AM Singapore time, signal that Dalal Street may open higher today. The much awaited GST bill has been listed by the Modi government for consideration and passage in Rajya Sabha's agenda for this week in the ongoing monsoon session of the Parliament. Shares of HCL Technologies, Tech Mahindra, Indian Bank, Tata Power and GlaxoSmithKline Consumer Healthcare will be in focus this week amidst their April-June quarter earnings announcements. Dalal Street will keep a close watch on July factory data with the manufacturing PMI set for release today. In June 2016, India’s manufacturing activity rose to a three-month high as the PMI jumped to 51.7 from May’s 50.7, with a reading above 0 signaling expansion. July services PMI data will be released later this week and offer further cues over the health of the Indian economy. Apart from that, auto stocks will be in focus as companies release July sales volume data this week. Movement of rupee against the dollar, foreign investment trend and global cues will also influence the direction of local bourses this week. The 30-share Sensex last week advanced 248.62 points or 0.89 per cent to 28,051.86, capping a fifth straight monthly rally.
Asian stocks were trading mixed today as a contraction in China’s manufacturing sector raised concerns over a slowdown in the world’s second biggest economy. The official China manufacturing index fell to 49.9 in July from 50 in June. China’s Shanghai Composite plunged by over 1 per cent , Hang Seng rose and Japan’s Nikkei 225 logged modest gains even as a stronger yen curbed the lure for exporter stocks. Wall Street ended mostly higher on Friday, helping the benchmark S&P 500 Index cap a fifth monthly gain as a smaller than expected gain in US Q2 GDP raised bets that the Federal Reserve may not be in a hurry to tighten interest rates. The world’s biggest economy grew at an annualized pace of 1.2 per cent in the April-June 2016 quarter, following a 0.8 per cent advance in Q1, and against expectations of a 2.5 per cent expansion
01/08/2016
Indian equity benchmarks are set to witness a positive opening on Monday as progress on the crucial Goods and Services Tax (GST) bill bolsters the outlook for Asia’s third biggest economy, boosting risk taking appetite. Gains in the CNX Nifty Index Futures for August delivery which advanced 0.53 per cent or 46 points at 8,733.5, at 10:25 AM Singapore time, signal that Dalal Street may open higher today. The much awaited GST bill has been listed by the Modi government for consideration and passage in Rajya Sabha's agenda for this week in the ongoing monsoon session of the Parliament. Shares of HCL Technologies, Tech Mahindra, Indian Bank, Tata Power and GlaxoSmithKline Consumer Healthcare will be in focus this week amidst their April-June quarter earnings announcements. Dalal Street will keep a close watch on July factory data with the manufacturing PMI set for release today. In June 2016, India’s manufacturing activity rose to a three-month high as the PMI jumped to 51.7 from May’s 50.7, with a reading above 0 signaling expansion. July services PMI data will be released later this week and offer further cues over the health of the Indian economy. Apart from that, auto stocks will be in focus as companies release July sales volume data this week. Movement of rupee against the dollar, foreign investment trend and global cues will also influence the direction of local bourses this week. The 30-share Sensex last week advanced 248.62 points or 0.89 per cent to 28,051.86, capping a fifth straight monthly rally.
Asian stocks were trading mixed today as a contraction in China’s manufacturing sector raised concerns over a slowdown in the world’s second biggest economy. The official China manufacturing index fell to 49.9 in July from 50 in June. China’s Shanghai Composite plunged by over 1 per cent , Hang Seng rose and Japan’s Nikkei 225 logged modest gains even as a stronger yen curbed the lure for exporter stocks. Wall Street ended mostly higher on Friday, helping the benchmark S&P 500 Index cap a fifth monthly gain as a smaller than expected gain in US Q2 GDP raised bets that the Federal Reserve may not be in a hurry to tighten interest rates. The world’s biggest economy grew at an annualized pace of 1.2 per cent in the April-June 2016 quarter, following a 0.8 per cent advance in Q1, and against expectations of a 2.5 per cent expansion
