Nifty-Sensex-Pre Market Report : 01.08.2019
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Pre-Session: Negative start likely for benchmark indices
01/08/2019 08:46
Indian benchmarks are expected to start the day on a negative note on Thursday amid weak global cues. The biggest factor though will be the US Federal Reserve lowering interest rates for the first time in more than a decade by 25 basis point to a range of 2 per cent to 2.25 per cent. Although, Fed Chair Jerome Powell later poured cold water on expectations of a lengthy easing cycle by saying the easing was "not the beginning of a long series of rate cuts" The Dow Jones Industrial Average fell 336.26 points, or 1.24%, to 26,861.76, the S&P 500 lost 33.07 points, or 1.10%, to 2,980.11, and the Nasdaq composite dropped 98.20 points, or 1.19%, to 8,175.42. Asian shares fell to six-week lows on Thursday and the dollar rose after the US Federal Reserve delivered a 25-basis-point rate cut as expected but poured cold water on market expectations of a lengthy easing cycle. MSCI’s broadest index of Asia-Pacific shares outside Japan slid 0.4%, extending losses for a fifth day to the lowest since mid-June. Japan’s Nikkei also fell 0.4%. South Korea’s KOSPI slipped 0.5% while Australian shares declined 0.3%. E-minis for the S&P500 were off 0.4%. Back home, Investors will also keep a tab on the Markit PMI manufacturing data for India, US, and UK to be released later in the day. A total of 53 companies, including Bharti Airtel, Godrej Consumer Products, and Marico are scheduled to declare their June quarter results today. Analysts expect a marginal growth in Bharti Airtel's Q1 revenue and average revenue per user (ARPU) on a sequential basis. You can read the full preview of Bharti Airtel's result on our website. Auto stocks may also be in focus today after the government agreed to first target highly-polluted urban cities in its plan for the transition to electric vehicles (EVs). On Wednesday, the 30-share benchmark ended at 37481.12 up by 83.88 points or by 0.22 per cent, while the NSE Nifty was at 11118 up by 32.6 points.
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