Pre Session-Dalal Street tipped to open lower amid mixed Asia trend
10/05/2016
The key domestic benchmarks are likely to witness a gap down opening on Tuesday as investors resort to profit booking after a stellar rally in the previous session while a mixed trend in stock markets across Asia amid weakness in commodity prices may also sour the appetite for risky assets. Losses in the CNX Nifty Index Futures for May delivery which fell by 0.37 per cent or 29.5 points at 7,875.5 at 10:33 AM Singapore time also signal that Dalal Street may open on a negative note today. The focus today will be on the stock of Punjab & Sind Bank as the public sector lender unveils its March quarter earnings numbers, with investors keenly eying the Gross and Net NPA levels. Caution ahead of key macro data to be released on Thursday including March industrial output and April consumer inflation may also weigh on sentiment. However, a rebound in car sales in April signaled a pickup in domestic demand in Asia’s third biggest economy. Marking a maiden gain in four months, India’s domestic passenger car sales grew by 1.87 per cent in April 2016, year on year, SIAM data showed on Monday. The 30-share Sensex on Monday soared by 460.36 points or by 1.82 per cent to close at 25,688.86 as a string of positive earnings results boosted optimism over a recovery in the economy while slowing US job growth triggered speculation that the US Fed may not raise interest rates more than once this year.
Asian stocks were trading mixed led by declines in commodity producers and industrial metals. China’s Shanghai Composite and Hang Seng fell after Chinese producer prices remained in the negative territory, plunging 3.4 per cent, year on year, in April 2016, while consumer inflation came in at 2.3 per cent. Japan’s Nikkei 225 rallied over 1.5 per cent as a weaker yen bolstered the lure for exporter stocks. US stocks ended mixed on Monday as traders weighed dismal China trade data, tumbling oil prices and prospects for increases in US interest rates but sentiment was supported by a rally in health care and consumer stocks
10/05/2016
The key domestic benchmarks are likely to witness a gap down opening on Tuesday as investors resort to profit booking after a stellar rally in the previous session while a mixed trend in stock markets across Asia amid weakness in commodity prices may also sour the appetite for risky assets. Losses in the CNX Nifty Index Futures for May delivery which fell by 0.37 per cent or 29.5 points at 7,875.5 at 10:33 AM Singapore time also signal that Dalal Street may open on a negative note today. The focus today will be on the stock of Punjab & Sind Bank as the public sector lender unveils its March quarter earnings numbers, with investors keenly eying the Gross and Net NPA levels. Caution ahead of key macro data to be released on Thursday including March industrial output and April consumer inflation may also weigh on sentiment. However, a rebound in car sales in April signaled a pickup in domestic demand in Asia’s third biggest economy. Marking a maiden gain in four months, India’s domestic passenger car sales grew by 1.87 per cent in April 2016, year on year, SIAM data showed on Monday. The 30-share Sensex on Monday soared by 460.36 points or by 1.82 per cent to close at 25,688.86 as a string of positive earnings results boosted optimism over a recovery in the economy while slowing US job growth triggered speculation that the US Fed may not raise interest rates more than once this year.
Asian stocks were trading mixed led by declines in commodity producers and industrial metals. China’s Shanghai Composite and Hang Seng fell after Chinese producer prices remained in the negative territory, plunging 3.4 per cent, year on year, in April 2016, while consumer inflation came in at 2.3 per cent. Japan’s Nikkei 225 rallied over 1.5 per cent as a weaker yen bolstered the lure for exporter stocks. US stocks ended mixed on Monday as traders weighed dismal China trade data, tumbling oil prices and prospects for increases in US interest rates but sentiment was supported by a rally in health care and consumer stocks
