Pre Session- Gap up opening seen for Sensex ahead of Bihar poll results
06/11/2015
The key Indian equity benchmarks are set to witness a positive opening today as traders await the results of the Bihar state election set to be unveiled on Sunday. The elections are crucial for the NDA government as it seeks control of the Upper House of Parliament to get key legislations passed that remain currently stuck due to political headwinds. The final phase of voting ended in Bihar on Thursday with exit polls being inconclusive. The stock of India’s biggest public sector bank, the State Bank of India will be in focus today as it unveils its September quarter earnings numbers. Tata Motors, M&M, BHEL and ONGC will also report Q2 earnings data. Shares of Tata Steel may be active today as the company after-market hours reported earnings which trumped estimates. Tata Steel Ltd on Thursday reported that its consolidated net profit for the second quarter ended September 30, 2015 climbed 22 per cent at Rs 1,528.71 crore from the same period a year ago led by a surge in other income. Against the backdrop of a mostly positive trend in Asia, coupled with strength in the CNX Nifty Index futures for November delivery which advanced 0.23 per cent or 18 points at 7,990 at 10:35 am Singapore time, Dalal Street is set to open higher today. The 30-share Sensex on Thursday fell to a five-week low, shedding 248.72 points or 0.94 per cent to end at 26,304.2 as investors stayed jittery ahead of the outcome of the Bihar state vote while speculation that the US Fed may raise interest rates next month also soured sentiment.
Most Asian stocks were trading higher as traders awaited the US jobs data set for release later on Friday which will offer cues over the health of labour market in the world’s biggest economy, and perhaps dictate whether the US Federal Reserve will raise interest rates in December. American employers probably added 182,000 jobs in October, up from 142,000 in September, analysts’ surveys showed. A pickup in job growth would lay the ground for policy tightening next month, with most officials from the US Federal Reserve stressing this week that the case for a rate lift-off is very much data dependent. China’s Shanghai Composite advanced on renewed hopes over the world’s second biggest economy after the government this week unveiled a five-year economic plan. Hang Seng fell but Japan’s Nikkei 225 rallied as a weaker yen bolstered the appeal of exporter stocks. US stocks ended with mild losses on Thursday as investors eyed the October non-farm payrolls data and after Federal Reserve Bank of Atlanta President said that continued improvement in the US economy may necessitate a rate hike “soon”.
06/11/2015
The key Indian equity benchmarks are set to witness a positive opening today as traders await the results of the Bihar state election set to be unveiled on Sunday. The elections are crucial for the NDA government as it seeks control of the Upper House of Parliament to get key legislations passed that remain currently stuck due to political headwinds. The final phase of voting ended in Bihar on Thursday with exit polls being inconclusive. The stock of India’s biggest public sector bank, the State Bank of India will be in focus today as it unveils its September quarter earnings numbers. Tata Motors, M&M, BHEL and ONGC will also report Q2 earnings data. Shares of Tata Steel may be active today as the company after-market hours reported earnings which trumped estimates. Tata Steel Ltd on Thursday reported that its consolidated net profit for the second quarter ended September 30, 2015 climbed 22 per cent at Rs 1,528.71 crore from the same period a year ago led by a surge in other income. Against the backdrop of a mostly positive trend in Asia, coupled with strength in the CNX Nifty Index futures for November delivery which advanced 0.23 per cent or 18 points at 7,990 at 10:35 am Singapore time, Dalal Street is set to open higher today. The 30-share Sensex on Thursday fell to a five-week low, shedding 248.72 points or 0.94 per cent to end at 26,304.2 as investors stayed jittery ahead of the outcome of the Bihar state vote while speculation that the US Fed may raise interest rates next month also soured sentiment.
Most Asian stocks were trading higher as traders awaited the US jobs data set for release later on Friday which will offer cues over the health of labour market in the world’s biggest economy, and perhaps dictate whether the US Federal Reserve will raise interest rates in December. American employers probably added 182,000 jobs in October, up from 142,000 in September, analysts’ surveys showed. A pickup in job growth would lay the ground for policy tightening next month, with most officials from the US Federal Reserve stressing this week that the case for a rate lift-off is very much data dependent. China’s Shanghai Composite advanced on renewed hopes over the world’s second biggest economy after the government this week unveiled a five-year economic plan. Hang Seng fell but Japan’s Nikkei 225 rallied as a weaker yen bolstered the appeal of exporter stocks. US stocks ended with mild losses on Thursday as investors eyed the October non-farm payrolls data and after Federal Reserve Bank of Atlanta President said that continued improvement in the US economy may necessitate a rate hike “soon”.
