Pre Session- Sensex may open lower on weak Asia trend; Manufacturing PMI in focus
02/05/2016
The key Indian equity benchmarks may witness a gap down opening on Monday tracking a sell-off in global stock markets as weak US consumer data raises worries over the health of the world’s biggest economy, curbing the lure for risky assets. The CNX Nifty Index Futures for May delivery fell by 0.67 per cent or 52.5 points at 7,840 at 10:48 AM Singapore time, also signaling that Dalal Street may open lower today. This week, shares of HDFC, Adani Ports and Hero MotoCorp will be in focus as the companies unveil their report cards for the quarter ended March 31, 2016. Also, the April manufacturing PMI, a snapshot of the health of the country’s manufacturing sector, will be released today. India’s manufacturing PMI in March came in at 52.4, with a reading above 50 signaling expansion. Monthly auto sales data, events in the Budget Session of Parliament, foreign investment trend, global stock market trend and movement of crude oil prices will also dictate the direction of Dalal Street this week. Marking a quiet finish to the week amid lackluster global cues and mixed corporate earnings numbers, the 30-share Sensex on Friday closed at 25,606.62, up by 3.52 points or by 0.01 per cent while plunging 231.52 points for the week, snapping a two-week advance.
While stock markets in China and Hong Kong were closed today, that in Japan tumbled over 3.6 per cent as a jump in the yen eroded the appeal of exporter stocks while dismal April manufacturing data raised fears of a worsening contraction in the world’s third biggest economy. Wall Street on Friday marked a bearish closing as US consumer spending rose less than estimated in March, while household confidence hit a seven-month low of 89 in April 2016.
02/05/2016
The key Indian equity benchmarks may witness a gap down opening on Monday tracking a sell-off in global stock markets as weak US consumer data raises worries over the health of the world’s biggest economy, curbing the lure for risky assets. The CNX Nifty Index Futures for May delivery fell by 0.67 per cent or 52.5 points at 7,840 at 10:48 AM Singapore time, also signaling that Dalal Street may open lower today. This week, shares of HDFC, Adani Ports and Hero MotoCorp will be in focus as the companies unveil their report cards for the quarter ended March 31, 2016. Also, the April manufacturing PMI, a snapshot of the health of the country’s manufacturing sector, will be released today. India’s manufacturing PMI in March came in at 52.4, with a reading above 50 signaling expansion. Monthly auto sales data, events in the Budget Session of Parliament, foreign investment trend, global stock market trend and movement of crude oil prices will also dictate the direction of Dalal Street this week. Marking a quiet finish to the week amid lackluster global cues and mixed corporate earnings numbers, the 30-share Sensex on Friday closed at 25,606.62, up by 3.52 points or by 0.01 per cent while plunging 231.52 points for the week, snapping a two-week advance.
While stock markets in China and Hong Kong were closed today, that in Japan tumbled over 3.6 per cent as a jump in the yen eroded the appeal of exporter stocks while dismal April manufacturing data raised fears of a worsening contraction in the world’s third biggest economy. Wall Street on Friday marked a bearish closing as US consumer spending rose less than estimated in March, while household confidence hit a seven-month low of 89 in April 2016.