Pre Session: Indian equities seen opening higher; HCL Tech, BPCL in focus
09/06/2016
Indian benchmark indices are seen opening higher on Thursday tracking overnight gains in US stock and extend a rally as monsoon had hit the Kerala coast on June 8, a day ahead of the India Meteorological Department (IMD) prediction, bolstering risk taking appetite. The market is likely to sustain bullish momentum as US Fed decision to hike borrowing costs in the world’s biggest economy only gradually, potentially putting a June rate hike off the table. Shares of HCL Technologies will remain in focus as IT major has inked pact with two leading automotive solution providers to expand its offerings for the fast-growing smart vehicle ecosystem. Shares of Bharat Petroleum Corporation Ltd (BPCL) may also see some uptrend as the RBI has hiked FIIs investment limit in company to 49 per cent of the paid up capital under the portfolio investment scheme (PIS).
Gains in the CNX Nifty Index Futures for June delivery which advanced by 18.5 points to 8,302.50 at 10:34 AM Singapore time also signal that Dalal Street may open higher today. The focus of investors now turns to Friday’s industrial output data for April 2016 which may offer further cues over the health of the country’s economy. In March 2016, India’s industrial output climbed a miniscule 0.1 per cent, year on year.
09/06/2016
Indian benchmark indices are seen opening higher on Thursday tracking overnight gains in US stock and extend a rally as monsoon had hit the Kerala coast on June 8, a day ahead of the India Meteorological Department (IMD) prediction, bolstering risk taking appetite. The market is likely to sustain bullish momentum as US Fed decision to hike borrowing costs in the world’s biggest economy only gradually, potentially putting a June rate hike off the table. Shares of HCL Technologies will remain in focus as IT major has inked pact with two leading automotive solution providers to expand its offerings for the fast-growing smart vehicle ecosystem. Shares of Bharat Petroleum Corporation Ltd (BPCL) may also see some uptrend as the RBI has hiked FIIs investment limit in company to 49 per cent of the paid up capital under the portfolio investment scheme (PIS).
Gains in the CNX Nifty Index Futures for June delivery which advanced by 18.5 points to 8,302.50 at 10:34 AM Singapore time also signal that Dalal Street may open higher today. The focus of investors now turns to Friday’s industrial output data for April 2016 which may offer further cues over the health of the country’s economy. In March 2016, India’s industrial output climbed a miniscule 0.1 per cent, year on year.
