Pre Market Report- Dalal Street to open higher on global rally
30/08/2016
Indian equity benchmarks are likely to witness a gap up opening on Tuesday tracking a rally across markets in Asia and a near-record high finish at Wall Street overnight as optimism over the health of the world’s biggest economy amid robust consumer spending data bolstered risk taking appetite. Gains in the CNX Nifty Index Futures for September delivery which were trading at 8,678.5, up by 0.27 per cent or 23 points at 10:44 AM Singapore time, signal that the Sensex may open on a positive today. Shares of realty major DLF may see some upward momentum after the company in after-market hours on Monday reported that its consolidated net profit for the first quarter ended June 30, 2016 soared by more than two-fold to Rs 261.42 crore aided by the sale of its cinema business to PVR. Caution ahead of the August PMI numbers later in the week which will offer fresh cues over the health of Asia’s third biggest economy may curb gains at Dalal Street. India’s manufacturing PMI rose to a four-month high of 51.8 in July, with a reading above 50 signaling expansion. Snapping a two-day losing streak, the 30-share Sensex on Monday advanced 120.41 points or by 0.43 per cent to 27,902.66 helped by gains in auto and capital goods stocks, overshadowing worries over a near-term US interest rate hike after Fed Chair Janet Yellen’s comments that the case for policy tightening in the US had strengthened.
Asian stocks rose today as crude oil rebounded to above the USD 47 per barrel mark while traders cheered optimistic US economic data and focused on the outlook for global monetary policy. US consumer spending climbed for a fourth straight month, up by 0.3 per cent in July from June, driven by stronger gains in personal incomes. Investors are assessing whether the global economy can withstand a rise in US interest rates with central bankers from Europe and Japan signaling continued commitment to record stimulus. Shanghai Composite and Nikkei 225 logged mild gains while Hang Seng rose. US stocks snapped a three-day losing streak on Monday as traders gave thumbs up to US consumer spending data while awaiting Friday’s jobs data which may offer more cues over the probability of tightening of US borrowing costs next month.
30/08/2016
Indian equity benchmarks are likely to witness a gap up opening on Tuesday tracking a rally across markets in Asia and a near-record high finish at Wall Street overnight as optimism over the health of the world’s biggest economy amid robust consumer spending data bolstered risk taking appetite. Gains in the CNX Nifty Index Futures for September delivery which were trading at 8,678.5, up by 0.27 per cent or 23 points at 10:44 AM Singapore time, signal that the Sensex may open on a positive today. Shares of realty major DLF may see some upward momentum after the company in after-market hours on Monday reported that its consolidated net profit for the first quarter ended June 30, 2016 soared by more than two-fold to Rs 261.42 crore aided by the sale of its cinema business to PVR. Caution ahead of the August PMI numbers later in the week which will offer fresh cues over the health of Asia’s third biggest economy may curb gains at Dalal Street. India’s manufacturing PMI rose to a four-month high of 51.8 in July, with a reading above 50 signaling expansion. Snapping a two-day losing streak, the 30-share Sensex on Monday advanced 120.41 points or by 0.43 per cent to 27,902.66 helped by gains in auto and capital goods stocks, overshadowing worries over a near-term US interest rate hike after Fed Chair Janet Yellen’s comments that the case for policy tightening in the US had strengthened.
Asian stocks rose today as crude oil rebounded to above the USD 47 per barrel mark while traders cheered optimistic US economic data and focused on the outlook for global monetary policy. US consumer spending climbed for a fourth straight month, up by 0.3 per cent in July from June, driven by stronger gains in personal incomes. Investors are assessing whether the global economy can withstand a rise in US interest rates with central bankers from Europe and Japan signaling continued commitment to record stimulus. Shanghai Composite and Nikkei 225 logged mild gains while Hang Seng rose. US stocks snapped a three-day losing streak on Monday as traders gave thumbs up to US consumer spending data while awaiting Friday’s jobs data which may offer more cues over the probability of tightening of US borrowing costs next month.
