Pre Session-Gap down opening seen for Sensex on renewed global sell-off
09/03/2016
Indian equity benchmarks are likely to witness a bearish opening on Wednesday tracking weakness in markets across Asia and a negative finish at Wall Street overnight as renewed concerns over the global economic outlook soured risk taking appetite. Weakness in the CNX Nifty Index futures for March delivery which fell by 0.32 per cent or by 23.5 points at 7,433.5 at 10:15 am Singapore time, signals that Dalal Street may open lower today. The local bourses may also witness profit booking by traders, at existing levels after registering a five-day winning streak as foreign funds returned following the government’s commitment to fiscal prudence in the Union Budget which raised hopes of a near-term interest rate cut by the RBI, lifting the outlook for Asia’s third biggest economy. The 30-share Sensex on Tuesday advanced by 12.75 points or by 0.05 per cent to end at 24,659.23. Meanwhile, Finance Minister Arun Jaitley stressed that the country’s economic growth rate was improving, pegging the pace of expansion at 7.6 per cent in FY 2015-16.
Asian markets tumbled on Wednesday as fresh fears over the health of the global economy amidst a contraction in Japan’s economy in Q4 2015 and a worsening China trade slump drove investors away from risky assets. Traders are also nervous ahead of the European Central Bank (ECB) policy meet on Thursday, which will be followed by the Federal Reserve and Bank of Japan meetings next week. China’s Shanghai Composite plunged almost 2 per cent as tumbling exports threatened to exacerbate a slowdown in the world’s second biggest economy, Hang Seng fell while Japan’s Nikkei 225 slumped over 1 per cent as a stronger yen eroded the appeal of exporter stocks. Wall Street rally lost steam on Tuesday with benchmark S&P 500 falling by the most in two weeks led by a slide in energy shares, and on worries over the global economic outlook in the wake of dismal Asian data. China’s exports tumbled 25.4 per cent in US dollars in February 2016 from the same month a year ago, while imports marked a 16th straight month of decline, tumbling 13.8 per cent. Weak economic data raised fears that central bank stimulus won’t be enough to prop up the global economy. A drop in US small business confidence rekindled fears over a slowdown in the world’s biggest economy. The gauge measuring US small business sentiment fell to 92.9 in February from 93.9 in January. The Dow Jones Industrial Average fell 0.64 per cent; the Nasdaq Composite tumbled 1.26 per cent while S&P 500 tanked 1.12 per cent
09/03/2016
Indian equity benchmarks are likely to witness a bearish opening on Wednesday tracking weakness in markets across Asia and a negative finish at Wall Street overnight as renewed concerns over the global economic outlook soured risk taking appetite. Weakness in the CNX Nifty Index futures for March delivery which fell by 0.32 per cent or by 23.5 points at 7,433.5 at 10:15 am Singapore time, signals that Dalal Street may open lower today. The local bourses may also witness profit booking by traders, at existing levels after registering a five-day winning streak as foreign funds returned following the government’s commitment to fiscal prudence in the Union Budget which raised hopes of a near-term interest rate cut by the RBI, lifting the outlook for Asia’s third biggest economy. The 30-share Sensex on Tuesday advanced by 12.75 points or by 0.05 per cent to end at 24,659.23. Meanwhile, Finance Minister Arun Jaitley stressed that the country’s economic growth rate was improving, pegging the pace of expansion at 7.6 per cent in FY 2015-16.
Asian markets tumbled on Wednesday as fresh fears over the health of the global economy amidst a contraction in Japan’s economy in Q4 2015 and a worsening China trade slump drove investors away from risky assets. Traders are also nervous ahead of the European Central Bank (ECB) policy meet on Thursday, which will be followed by the Federal Reserve and Bank of Japan meetings next week. China’s Shanghai Composite plunged almost 2 per cent as tumbling exports threatened to exacerbate a slowdown in the world’s second biggest economy, Hang Seng fell while Japan’s Nikkei 225 slumped over 1 per cent as a stronger yen eroded the appeal of exporter stocks. Wall Street rally lost steam on Tuesday with benchmark S&P 500 falling by the most in two weeks led by a slide in energy shares, and on worries over the global economic outlook in the wake of dismal Asian data. China’s exports tumbled 25.4 per cent in US dollars in February 2016 from the same month a year ago, while imports marked a 16th straight month of decline, tumbling 13.8 per cent. Weak economic data raised fears that central bank stimulus won’t be enough to prop up the global economy. A drop in US small business confidence rekindled fears over a slowdown in the world’s biggest economy. The gauge measuring US small business sentiment fell to 92.9 in February from 93.9 in January. The Dow Jones Industrial Average fell 0.64 per cent; the Nasdaq Composite tumbled 1.26 per cent while S&P 500 tanked 1.12 per cent
