Pre Session- Dalal Street may remain in grip of sell-off; IIP data eyed
12/05/2016
The key Indian equity benchmarks are likely to witness a gap down opening on Thursday as foreign investors remain jittery amidst the amended India-Mauritius tax treaty that imposes capital gains tax on investments coming from Mauritius. Losses in the CNX Nifty Index Futures for May delivery which fell by 0.18 per cent or 14 points at 7,858.5 at 10:29 AM Singapore time also signal that Dalal Street may open lower today after plunging a massive 175.51 points or by -0.68 per cent to 25597.02 on Wednesday, finishing in the red for a third day on the trot. Shares of Glenmark and Nestle India will be in focus as they unveil their March quarter earnings today. All eyes will be on the March industrial output and April consumer inflation data to be released today and are likely to offer further cues over the health of Asia’s third biggest economy. Analysts expect retail inflation to have crept up to 5 per cent in April 2016 from 4.83 per cent in March 2016, while industrial output growth probably accelerated to 2.5 per cent in March 2016, year on year, from 2 per cent in February 2016.
Asian stocks succumbed to a steep sell-off today tracking a bearish finish at Wall Street overnight amid growing pessimism over corporate earnings. China’s Shanghai Composite plunged amidst a sharp drop in industrial shares, Hang Seng fell and Japan’s Nikkei 225 declined as a stronger yen eroded the appeal of exporter stocks.
12/05/2016
The key Indian equity benchmarks are likely to witness a gap down opening on Thursday as foreign investors remain jittery amidst the amended India-Mauritius tax treaty that imposes capital gains tax on investments coming from Mauritius. Losses in the CNX Nifty Index Futures for May delivery which fell by 0.18 per cent or 14 points at 7,858.5 at 10:29 AM Singapore time also signal that Dalal Street may open lower today after plunging a massive 175.51 points or by -0.68 per cent to 25597.02 on Wednesday, finishing in the red for a third day on the trot. Shares of Glenmark and Nestle India will be in focus as they unveil their March quarter earnings today. All eyes will be on the March industrial output and April consumer inflation data to be released today and are likely to offer further cues over the health of Asia’s third biggest economy. Analysts expect retail inflation to have crept up to 5 per cent in April 2016 from 4.83 per cent in March 2016, while industrial output growth probably accelerated to 2.5 per cent in March 2016, year on year, from 2 per cent in February 2016.
Asian stocks succumbed to a steep sell-off today tracking a bearish finish at Wall Street overnight amid growing pessimism over corporate earnings. China’s Shanghai Composite plunged amidst a sharp drop in industrial shares, Hang Seng fell and Japan’s Nikkei 225 declined as a stronger yen eroded the appeal of exporter stocks.
