Pre Session: Sensex seen opening lower; M&M result eyed
07/08/2015 08:46
The Indian equity benchmarks may see gap down opening on Friday tracking muted cues from global peers as speculation of an imminent hike in US interest rates weighed on investor’s sentiment. In a volatile trade, domestic bourses ended higher yesterday on the back of sustained buying by funds and retail investors as better-than-expected earnings by Indian Inc influenced sentiment. The SENSEX closed 75.05 points higher at 28298.13, and the NSE Nifty added 20.7 points to settle at 8588.65 amid strong gains in blue-chip capital goods, consumer durbales, pharma and banking stocks. The banking stock, which has notched healthy gain in last few sessions, will remain in focus after rating agency Moody's Investors Service said that the Indian government's plans to infuse Rs 700 billion into Indian state-owned banks (PSU banks) through 2020 are credit positive for those banks. The agency, however, cautioned that the amount is relatively small and banks will still need to raise additional capital from the equity markets. On the corporate front, auto major Mahindra and Mahindra will be declaring its results for the quarter ended June 30 later today. The automaker is expected to report 17 per cent YoY fall in net profit to Rs 730 crore for the quarter ended June 30, as compared to Rs 881 crore reported in the year-ago period, said an ET Now Poll. 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 28 points at 8,585 at 8:00 am Indian time, Dalal Street is set for a negative opening today.
On the global front, Asian stocks were trading mostly higher, barring Japan’s Nikkei 225, with China’s Shanghai Composite extending rally for third straight session as a pickup in China services growth eased concerns over the outlook in the world’s second biggest economy. China’s Services PMI rose to the highest level in 11 months at 53.8 in July from 51.8 in June. Japan’s Nikkei 225 edged lower as the yen hovering near a two-month low against the dollar. The tone remained cautious on speculation of an imminent hike in US interest rates limited gains. In overnight trade, Wall Street ended lower amid a flurry of disappointing earnings report by media companies.
07/08/2015 08:46
On the global front, Asian stocks were trading mostly higher, barring Japan’s Nikkei 225, with China’s Shanghai Composite extending rally for third straight session as a pickup in China services growth eased concerns over the outlook in the world’s second biggest economy. China’s Services PMI rose to the highest level in 11 months at 53.8 in July from 51.8 in June. Japan’s Nikkei 225 edged lower as the yen hovering near a two-month low against the dollar. The tone remained cautious on speculation of an imminent hike in US interest rates limited gains. In overnight trade, Wall Street ended lower amid a flurry of disappointing earnings report by media companies.
