Pre Session: Market seen opening flat on mixed Asian cues
06/08/2015
Tracking muted cues from fellow Asian peers, Indian equity benchmarks are expected to see flat opening on Thursday. Indian markets closed higher, with SENSEX gaining 150 points and Nifty adding 50 points, led by a spectacular rally in the technology stocks on the back of a strong dollar, coupled with encouraging services PMI data. Sentiments of the investors remained upbeat after RBI in its monetary policy review on Tuesday indicated that there is a possibility of further rate cuts in the coming months as it cut the consumer inflation forecast for January-March 2016 by 0.2 per cent on the back of declining crude oil prices and a better than expected monsoon. The Indian services industry rebounded to growth phase in July as the seasonally adjusted Nikkei Services Business Activity Index increased to 50.8 from 47.7 in June, signaling a pickup in Asia's third biggest economy, bolstering risk taking appetite. On the sectoral front, Cummins India, Tata Global Beverages, Arvind and Motherson Sumi Systems will be declaring their results for the quarter ended June 30 later today. Against the backdrop of mixed trend in Asian stocks, coupled with negative trade in the SGX CNX Nifty Index futures for August delivery which fell 10 points at 8,538 at 8:00 am Indian time, Dalal Street is set for a flat opening today. On the global front, Asian stocks were trading mostly higher as a pickup in China services growth eased concerns over the outlook in the world’s second biggest economy, but speculation of an imminent hike in US interest rates limited gains. China’s Shanghai Composite extended Tuesday’s advance after the Services PMI rose to the highest level in 11 months at 53.8 in July from 51.8 in June. Japan’s Nikkei 225 posted handsome gains as a weaker yen boosted the lure for exporter stocks. In overnight trade, Wall Street ended higher, with the S&P 500 and Nasdaq Composite settled in green, while the Dow Jones Industrial Average closed marginally lower amid disappointment from Disney's earnings.
06/08/2015
Tracking muted cues from fellow Asian peers, Indian equity benchmarks are expected to see flat opening on Thursday. Indian markets closed higher, with SENSEX gaining 150 points and Nifty adding 50 points, led by a spectacular rally in the technology stocks on the back of a strong dollar, coupled with encouraging services PMI data. Sentiments of the investors remained upbeat after RBI in its monetary policy review on Tuesday indicated that there is a possibility of further rate cuts in the coming months as it cut the consumer inflation forecast for January-March 2016 by 0.2 per cent on the back of declining crude oil prices and a better than expected monsoon. The Indian services industry rebounded to growth phase in July as the seasonally adjusted Nikkei Services Business Activity Index increased to 50.8 from 47.7 in June, signaling a pickup in Asia's third biggest economy, bolstering risk taking appetite. On the sectoral front, Cummins India, Tata Global Beverages, Arvind and Motherson Sumi Systems will be declaring their results for the quarter ended June 30 later today. Against the backdrop of mixed trend in Asian stocks, coupled with negative trade in the SGX CNX Nifty Index futures for August delivery which fell 10 points at 8,538 at 8:00 am Indian time, Dalal Street is set for a flat opening today. On the global front, Asian stocks were trading mostly higher as a pickup in China services growth eased concerns over the outlook in the world’s second biggest economy, but speculation of an imminent hike in US interest rates limited gains. China’s Shanghai Composite extended Tuesday’s advance after the Services PMI rose to the highest level in 11 months at 53.8 in July from 51.8 in June. Japan’s Nikkei 225 posted handsome gains as a weaker yen boosted the lure for exporter stocks. In overnight trade, Wall Street ended higher, with the S&P 500 and Nasdaq Composite settled in green, while the Dow Jones Industrial Average closed marginally lower amid disappointment from Disney's earnings.
