Pre Session- Flat opening on the cards for Dalal Street
20/10/2015
The key Indian equity benchmarks are set to open on a tepid note today tracking a subdued trend in fellow Asian stocks as uncertainty remained over China with the world’s second biggest economy slumping to its lowest growth in more than six years last quarter, souring risk taking appetite. A sharp rally in recent sessions may also give way to profit-booking by Dalal Street traders, in equities, at existing levels, weighing on the Sensex. Marking its third straight gain, the 30-share Sensex on Monday soared to the highest level in nine weeks, advancing 150.32 points or by 0.55 per cent to end at 27,364.92 as investors gave thumbs up to better-than-expected Q2 earnings numbers from Reliance Industries Limited. Against the backdrop of a mostly weak trend in Asia coupled with flattish trade in the CNX Nifty Index futures for October delivery which were up by 0.03 per cent or 2.5 points at 8,274.5 at 10:47 am Singapore time, Dalal Street is poised to open little changed on Tuesday. All eyes will be on the September quarter report card of two-wheeler giant Hero MotoCorp which may say that Q2 FY 2015-16 net income fell 6.2 per cent to Rs 716 crore from the year ago period.
Asian stocks fell with markets in mainland China and Hong Kong succumbing to significant losses as worries remained over China’s economy which in Q3 grew at 6.9 per cent, the weakest pace since the first quarter of 2009. While China’s services expansion came in at an impressive 8.4 per cent in the first nine months of the year, the so-called secondary industry which includes manufacturing grew at a much slower pace of 6 per cent. However, Japan’s Nikkei 225 was trading higher tracking modest gains at Wall Street overnight led by a rally in consumer shares, which overshadowed a slide in energy companies.
20/10/2015
The key Indian equity benchmarks are set to open on a tepid note today tracking a subdued trend in fellow Asian stocks as uncertainty remained over China with the world’s second biggest economy slumping to its lowest growth in more than six years last quarter, souring risk taking appetite. A sharp rally in recent sessions may also give way to profit-booking by Dalal Street traders, in equities, at existing levels, weighing on the Sensex. Marking its third straight gain, the 30-share Sensex on Monday soared to the highest level in nine weeks, advancing 150.32 points or by 0.55 per cent to end at 27,364.92 as investors gave thumbs up to better-than-expected Q2 earnings numbers from Reliance Industries Limited. Against the backdrop of a mostly weak trend in Asia coupled with flattish trade in the CNX Nifty Index futures for October delivery which were up by 0.03 per cent or 2.5 points at 8,274.5 at 10:47 am Singapore time, Dalal Street is poised to open little changed on Tuesday. All eyes will be on the September quarter report card of two-wheeler giant Hero MotoCorp which may say that Q2 FY 2015-16 net income fell 6.2 per cent to Rs 716 crore from the year ago period.
Asian stocks fell with markets in mainland China and Hong Kong succumbing to significant losses as worries remained over China’s economy which in Q3 grew at 6.9 per cent, the weakest pace since the first quarter of 2009. While China’s services expansion came in at an impressive 8.4 per cent in the first nine months of the year, the so-called secondary industry which includes manufacturing grew at a much slower pace of 6 per cent. However, Japan’s Nikkei 225 was trading higher tracking modest gains at Wall Street overnight led by a rally in consumer shares, which overshadowed a slide in energy companies.
