Pre Session-Sensex may open higher ahead of Budget Session
23/02/2016
Indian equity benchmarks are poised to witness a gap up opening on Tuesday as investors turn their focus to the Budget Session which begins today amid hopes that the NDA government will be able to get the green light for crucial economic reform bills such as GST which have remained stuck in the Upper House of Parliament where the centre lacks a majority. Progress on GST and its timely implementation will be important to putting Asia’s third biggest economy on the double digit growth path. The CNX Nifty Index futures for February delivery were trading up by 0.12 per cent or by 9 points at 7,245.5 at 10:30 am Singapore time, signaling that Dalal Street may open higher today. Caution ahead of the Railway Budget and Economic Survey later this week may restrict gains in the local bourses while volatility could remain high as traders roll over their positions ahead of the February Futures & Options (F& O) contracts expiry on Thursday. Marking a four-day rally, the 30-share Sensex on Monday advanced 79.64 points or by 0.34 per cent to end at 23,788.79 led by gains in oil & gas stocks as a rebound in crude oil prices amidst a firm global trend buoyed sentiment.
Asian stocks were trading mixed as oil prices turned lower after a rally on Monday, rekindling fears over a faltering global economic recovery while a weaker Yuan took toll on stocks in mainland China and Hong Kong which fell today. The yuan fell after the People’s Bank of China lowered its daily reference rate by the most in six weeks. However, Japan’s Nikkei 225 advanced but gains were restricted by a stronger yen which eroded the appeal of exporter stocks. Wall Street surged on Monday with benchmark S&P 500 rising to the highest level in six weeks as an impressive rebound in crude oil prices helped ease concerns that a global economic slowdown is worsening while upbeat Chicago factory data also bolstered sentiment. The Chicago Fed National Activity Index (CFNAI) rose to 0.28 in January from -0.34 in December, with a reading above 0 signaling expansion. The Dow Jones Industrial Average surged 1.4 per cent; the Nasdaq Composite advanced 1.47 per cent while S&P 500 advanced 1.45 per cent.
23/02/2016
Indian equity benchmarks are poised to witness a gap up opening on Tuesday as investors turn their focus to the Budget Session which begins today amid hopes that the NDA government will be able to get the green light for crucial economic reform bills such as GST which have remained stuck in the Upper House of Parliament where the centre lacks a majority. Progress on GST and its timely implementation will be important to putting Asia’s third biggest economy on the double digit growth path. The CNX Nifty Index futures for February delivery were trading up by 0.12 per cent or by 9 points at 7,245.5 at 10:30 am Singapore time, signaling that Dalal Street may open higher today. Caution ahead of the Railway Budget and Economic Survey later this week may restrict gains in the local bourses while volatility could remain high as traders roll over their positions ahead of the February Futures & Options (F& O) contracts expiry on Thursday. Marking a four-day rally, the 30-share Sensex on Monday advanced 79.64 points or by 0.34 per cent to end at 23,788.79 led by gains in oil & gas stocks as a rebound in crude oil prices amidst a firm global trend buoyed sentiment.
Asian stocks were trading mixed as oil prices turned lower after a rally on Monday, rekindling fears over a faltering global economic recovery while a weaker Yuan took toll on stocks in mainland China and Hong Kong which fell today. The yuan fell after the People’s Bank of China lowered its daily reference rate by the most in six weeks. However, Japan’s Nikkei 225 advanced but gains were restricted by a stronger yen which eroded the appeal of exporter stocks. Wall Street surged on Monday with benchmark S&P 500 rising to the highest level in six weeks as an impressive rebound in crude oil prices helped ease concerns that a global economic slowdown is worsening while upbeat Chicago factory data also bolstered sentiment. The Chicago Fed National Activity Index (CFNAI) rose to 0.28 in January from -0.34 in December, with a reading above 0 signaling expansion. The Dow Jones Industrial Average surged 1.4 per cent; the Nasdaq Composite advanced 1.47 per cent while S&P 500 advanced 1.45 per cent.
