Pre Session- Bears may remain in control at Dalal Street
03/05/2016
The key Indian equity benchmarks are likely to open lower on Tuesday as listless quarterly earnings numbers and weakening manufacturing growth signal renewed worries over the health of Asia’s third biggest economy while uncertainty on the global front amid fresh US economic jitters also compound investor worries. The CNX Nifty Index Futures for May delivery fell by 0.24 per cent or 19 points at 7,819.5 at 10:47 AM Singapore time, also signaling that the 30-share Sensex may witness a gap down opening today after sliding to the lowest level in three weeks, by 169.65 points or by 0.66 per cent to 25,436.97 on Monday as ICICI Bank tumbled by over 4 per cent after posting tepid Q4 numbers as the private lender disclosed that loans valued at Rs 44,000 crore or 4.8 per cent of its total assets are in the stressed sector, signaling the magnitude of the country’s bad loan problem. The focus today will be on Adani Ports and Adani Power as they reveal their quarterly earnings data. Manufacturing activity in India expanded at the weakest pace in four months in April 2016 as demand nearly stalled, weighing on the country’s economic outlook and souring trading sentiment. The gauge measuring manufacturing in India fell from an eight-month high of 52.4 in March to 50.5 in April, but remained above the 50-mark, signaling expansion. Traders will also eye proceedings in the ongoing Budget Session of Parliament with the Finance Bill likely to come up for discussion.
While markets in Japan were shut, Shanghai Composite rose by over 1 per cent but Hang Seng fell by more than 1 per cent as traders reacted to China factory data which showed that manufacturing shrank at a faster pace in April with the PMI standing at 49.4. Wall Street rebounded on Monday led by Amazon, and a rally in banks but gains were restricted by renewed worries over the world’s biggest economy as a manufacturing index fell to 50.8 in April, marking the weakest pace of expansion in more than six and a half years
03/05/2016
The key Indian equity benchmarks are likely to open lower on Tuesday as listless quarterly earnings numbers and weakening manufacturing growth signal renewed worries over the health of Asia’s third biggest economy while uncertainty on the global front amid fresh US economic jitters also compound investor worries. The CNX Nifty Index Futures for May delivery fell by 0.24 per cent or 19 points at 7,819.5 at 10:47 AM Singapore time, also signaling that the 30-share Sensex may witness a gap down opening today after sliding to the lowest level in three weeks, by 169.65 points or by 0.66 per cent to 25,436.97 on Monday as ICICI Bank tumbled by over 4 per cent after posting tepid Q4 numbers as the private lender disclosed that loans valued at Rs 44,000 crore or 4.8 per cent of its total assets are in the stressed sector, signaling the magnitude of the country’s bad loan problem. The focus today will be on Adani Ports and Adani Power as they reveal their quarterly earnings data. Manufacturing activity in India expanded at the weakest pace in four months in April 2016 as demand nearly stalled, weighing on the country’s economic outlook and souring trading sentiment. The gauge measuring manufacturing in India fell from an eight-month high of 52.4 in March to 50.5 in April, but remained above the 50-mark, signaling expansion. Traders will also eye proceedings in the ongoing Budget Session of Parliament with the Finance Bill likely to come up for discussion.
While markets in Japan were shut, Shanghai Composite rose by over 1 per cent but Hang Seng fell by more than 1 per cent as traders reacted to China factory data which showed that manufacturing shrank at a faster pace in April with the PMI standing at 49.4. Wall Street rebounded on Monday led by Amazon, and a rally in banks but gains were restricted by renewed worries over the world’s biggest economy as a manufacturing index fell to 50.8 in April, marking the weakest pace of expansion in more than six and a half years
