Pre Session- Bears may rule the roost at D-Street on earnings gloom
24/07/2015
Bears may strengthen grip on Dalal Street with Indian equity benchmarks likely to extend losses on Friday as tepid Q1 earnings report cards from Sensex blue chips dampens optimism over the health of Asia’s third biggest economy. Shares of Wipro may witness selling pressure today, after the country’s third biggest IT software services exporter after market hours said that Q1 FY 2015-16 net income declined 3.7 per cent at Rs 2,187.7 crore while sequential dollar revenue growth of 1.1 per cent was quite anaemic compared to its peers. Gail India may also succumb to a sell-off, after the company in after market hours, reported that Q1 net profit tumbled 32 per cent at Rs 424 crore, year on year on lower price realization of LPG. Traders will eye earnings numbers from the likes of Reliance Industries Ltd, ABB and private sector lender Axis Bank today. Analysts expect Reliance to post an 11 per cent increase in its June quarter net income at Rs 6,250 crore. On Thursday, the 30-share Sensex tanked 134.09 points or 0.47 per cent to close at 28,370.84 as investors punished the shares of Lupin and Bajaj Auto after their first quarter earnings missed Street estimates, overshadowing hopes of the passage of the GST bill during the ongoing Monsoon Session of Parliament. Weakness across most Asian markets and a bearish finish at Wall Street overnight may also mar sentiment at Dalal Street. The SGX CNX Nifty Index futures for July delivery fell 0.31 per cent at 8,578.50 at 10:47 am Singapore time, signaling a gap down opening at Dalal Street on Friday.
Most Asian stocks were trading in the red tracking a negative closing at Wall Street overnight as a worsening commodities rout and disappointing earnings report cards from 3M and Caterpillar soured the appetite for risky assets. Stocks in mainland China extended an advance for a seventh day even as the country’s manufacturing activity contracted at a faster pace in July, underscoring fears over the health of the world’s second biggest economy. The HSBC China Manufacturing PMI fell to 48.2 in July from 49.4 in June, with a reading below 50 signaling contraction. Hang Seng and Nikkei 225 were mired in significant losses on Friday.
24/07/2015
Bears may strengthen grip on Dalal Street with Indian equity benchmarks likely to extend losses on Friday as tepid Q1 earnings report cards from Sensex blue chips dampens optimism over the health of Asia’s third biggest economy. Shares of Wipro may witness selling pressure today, after the country’s third biggest IT software services exporter after market hours said that Q1 FY 2015-16 net income declined 3.7 per cent at Rs 2,187.7 crore while sequential dollar revenue growth of 1.1 per cent was quite anaemic compared to its peers. Gail India may also succumb to a sell-off, after the company in after market hours, reported that Q1 net profit tumbled 32 per cent at Rs 424 crore, year on year on lower price realization of LPG. Traders will eye earnings numbers from the likes of Reliance Industries Ltd, ABB and private sector lender Axis Bank today. Analysts expect Reliance to post an 11 per cent increase in its June quarter net income at Rs 6,250 crore. On Thursday, the 30-share Sensex tanked 134.09 points or 0.47 per cent to close at 28,370.84 as investors punished the shares of Lupin and Bajaj Auto after their first quarter earnings missed Street estimates, overshadowing hopes of the passage of the GST bill during the ongoing Monsoon Session of Parliament. Weakness across most Asian markets and a bearish finish at Wall Street overnight may also mar sentiment at Dalal Street. The SGX CNX Nifty Index futures for July delivery fell 0.31 per cent at 8,578.50 at 10:47 am Singapore time, signaling a gap down opening at Dalal Street on Friday.
Most Asian stocks were trading in the red tracking a negative closing at Wall Street overnight as a worsening commodities rout and disappointing earnings report cards from 3M and Caterpillar soured the appetite for risky assets. Stocks in mainland China extended an advance for a seventh day even as the country’s manufacturing activity contracted at a faster pace in July, underscoring fears over the health of the world’s second biggest economy. The HSBC China Manufacturing PMI fell to 48.2 in July from 49.4 in June, with a reading below 50 signaling contraction. Hang Seng and Nikkei 225 were mired in significant losses on Friday.
