Pre Session- Sensex may open lower as GDP data eyed
08/02/2016
Indian equity benchmarks are tipped to witness a gap down opening on Monday as investors resort to a cautious approach ahead of the Q3 GDP data which will offer latest cues over the health of Asia’s third biggest economy. Analysts expect the country’s economy to have expanded by 7.6 per cent in the October-December 2015 quarter from the year ago period. In Q2 FY 2014-15, the Indian economy had grown by 7.4 per cent. Weakness in the CNX Nifty Index futures for February delivery which fell by 0.36 per cent or by 27 points at 7,448 at 10:21 am Singapore time, signals that Dalal Street may open on a bearish note today. This week, the focus will also be on the Q3 earnings of Dr Reddy's Laboratories, Hindalco Industries, Punjab National Bank, GAIL, SAIL, IDBI, M&M, Aurobindo Pharma, Cipla, Coal India, State Bank of India, ONGC, Hero MotoCorp, Tata Motors, BHEL, Sun Pharma and Adani Ports. Key macroeconomic data including the December IIP data and January CPI number will also be eyed by Dalal Street traders this week. India’s industrial output shrank at the fastest pace in four years, down by 3.2 per cent in November 2015 from the same month a year ago, while consumer inflation accelerated to a 15-month high of 5.61 per cent in December 2015. Global cues, movement of crude oil prices, movement of the rupee against the dollar and foreign fund inflows will also dictate the stock market trend this week. Marking a second straight rally, the 30-share Sensex on Friday advanced by 278.54 points or by 1.14 per cent to end at 24,616.97 amidst buying in beaten down blue chips and strong global cues.
Most Asian markets including those in China and Hong Kong were closed for the Lunar New Year holidays. Japan’s Nikkei 225 fell as a stronger yen curbed the lure for exporter stocks. Wall Street sank on Friday amidst a tech rout following disappointing earnings data while a stronger dollar amidst renewed expectations of a Fed rate hike this year on a fairly upbeat January jobs report also weighed on sentiment. Non-farm payrolls in the US climbed by 151,000 in January, following a revised 262,000 increase in December, while the unemployment rate skid to the lowest level since February 2008 to 4.9 per cent and wages climbed. The Dow Jones Industrial Average fell 1.29 per cent; the Nasdaq Composite tumbled 3.25 per cent while S&P 500 sank 1.85 per cent.
08/02/2016
Indian equity benchmarks are tipped to witness a gap down opening on Monday as investors resort to a cautious approach ahead of the Q3 GDP data which will offer latest cues over the health of Asia’s third biggest economy. Analysts expect the country’s economy to have expanded by 7.6 per cent in the October-December 2015 quarter from the year ago period. In Q2 FY 2014-15, the Indian economy had grown by 7.4 per cent. Weakness in the CNX Nifty Index futures for February delivery which fell by 0.36 per cent or by 27 points at 7,448 at 10:21 am Singapore time, signals that Dalal Street may open on a bearish note today. This week, the focus will also be on the Q3 earnings of Dr Reddy's Laboratories, Hindalco Industries, Punjab National Bank, GAIL, SAIL, IDBI, M&M, Aurobindo Pharma, Cipla, Coal India, State Bank of India, ONGC, Hero MotoCorp, Tata Motors, BHEL, Sun Pharma and Adani Ports. Key macroeconomic data including the December IIP data and January CPI number will also be eyed by Dalal Street traders this week. India’s industrial output shrank at the fastest pace in four years, down by 3.2 per cent in November 2015 from the same month a year ago, while consumer inflation accelerated to a 15-month high of 5.61 per cent in December 2015. Global cues, movement of crude oil prices, movement of the rupee against the dollar and foreign fund inflows will also dictate the stock market trend this week. Marking a second straight rally, the 30-share Sensex on Friday advanced by 278.54 points or by 1.14 per cent to end at 24,616.97 amidst buying in beaten down blue chips and strong global cues.
Most Asian markets including those in China and Hong Kong were closed for the Lunar New Year holidays. Japan’s Nikkei 225 fell as a stronger yen curbed the lure for exporter stocks. Wall Street sank on Friday amidst a tech rout following disappointing earnings data while a stronger dollar amidst renewed expectations of a Fed rate hike this year on a fairly upbeat January jobs report also weighed on sentiment. Non-farm payrolls in the US climbed by 151,000 in January, following a revised 262,000 increase in December, while the unemployment rate skid to the lowest level since February 2008 to 4.9 per cent and wages climbed. The Dow Jones Industrial Average fell 1.29 per cent; the Nasdaq Composite tumbled 3.25 per cent while S&P 500 sank 1.85 per cent.
