Pre Session- Soft opening on the cards at Dalal Street
23/07/2015
Indian equity benchmarks may open little changed on Thursday amidst caution as traders eye earnings numbers from several key companies that will dictate the health of India Inc. Bajaj Auto, Lupin, Wipro, Gail India and Indian Bank are set to reveal their June quarter earnings report cards today. So far, the Q1 FY 2015-16 earnings season has been a mixed bag, giving very few cues over the earnings outlook. Investors will continue to closely watch the events in the Indian Parliament with the Modi government hopeful of getting key bills such as GST passed during the ongoing Monsoon session of Parliament. A parliamentary panel has endorsed nearly all of the provisions in the Goods and Services Tax (GST) bill, raising hopes that the bill will receive the nod of the Upper House of Parliament, paving way for India’s most landmark economic and fiscal reform, auguring well for Asia’s third biggest economy. A stellar rally in the previous session with benchmarks closing near a 14-week high may result in profit taking at existing levels, weighing on Dalal Street. Snapping a two-day losing streak, the 30-share Sensex rallied by a massive 322.79 points or by 1.15 per cent on Wednesday to close at 28,504.93 on hopes of GST getting the green light, speculation of a rate cut next month amid improved rains & falling oil prices, and value buying in beaten down stocks including Sun Pharma. The SGX CNX Nifty Index futures for July delivery fell marginally, down 0.03 per cent at 8,635.50 at 10:53 am Singapore time, signaling a tepid opening at Dalal Street.
A bullish trend in Asia, defying a bearish finish at Wall Street overnight may support domestic markets. Asian stocks rose despite a deepening commodities rout and weak set of earnings from American technology giants including Apple, Yahoo and Microsoft that sparked a sell-off in US equities. China’s Shanghai Composite extended a five-day rally, Hang Seng notched up impressive gains while Japan’s Nikkei 225 rose as a weaker yen boosted the lure for exporter stocks.
23/07/2015
A bullish trend in Asia, defying a bearish finish at Wall Street overnight may support domestic markets. Asian stocks rose despite a deepening commodities rout and weak set of earnings from American technology giants including Apple, Yahoo and Microsoft that sparked a sell-off in US equities. China’s Shanghai Composite extended a five-day rally, Hang Seng notched up impressive gains while Japan’s Nikkei 225 rose as a weaker yen boosted the lure for exporter stocks.
