Pre Session-Bulls may continue to rule the roost at Dalal Street
04/07/2016
Indian equity benchmarks are set to witness a gap up opening on Monday as optimism over Asia’s third biggest economy bolsters risk taking appetite. Gains in the CNX Nifty Index Futures for July delivery climbed by 0.46 per cent or by 39 points to 8,396.5 at 10:23 AM Singapore time signaling that Dalal Street may open on a positive note today. Strong progress of the Southwest Monsoon, hopes of the passage of the GST bill in the upcoming monsoon session of the Parliament and a pickup in Indian manufacturing have lifted the country’s economic outlook. The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) rose to a three-month high at 51.7 in June from 50.7 in May, with a reading above 50 signaling expansion. Traders will eye the Services PMI data and the start of the Q1 earnings season this week. The stock of SBI will be in focus after the country’s biggest state-run lender sold 5 percent stake in the national stock exchange for over Rs 900 crore. Trend in global markets, movement of the rupee against the dollar, crude oil prices and foreign investment trend may also influence Dalal Street in a holiday shortened week. Snapping a three-week losing streak, the 30-share Sensex last week rallied by 747.20 points to settle at 27,144.91, which was an eight-month high.
Asian stocks extended an advance eying more policy loosening measures from global central banks in the aftermath of Brexit. However, volatility may remain high amid continued worries over a China slowdown, tentative US recovery and the messy UK-EU divorce. China’s Shanghai Composite advanced, Hang Seng surged by over 1 per cent and Japan’s Nikkei rose despite a stronger yen. Speculation of policy action from central banks and optimism over US economic growth buoyed US stocks for a fourth straight day on Friday. A US manufacturing gauge grew at the fastest pace in more than a year at 53.2 in June, up from 51.3 in May, with a reading above 50 signaling expansion.
04/07/2016
Indian equity benchmarks are set to witness a gap up opening on Monday as optimism over Asia’s third biggest economy bolsters risk taking appetite. Gains in the CNX Nifty Index Futures for July delivery climbed by 0.46 per cent or by 39 points to 8,396.5 at 10:23 AM Singapore time signaling that Dalal Street may open on a positive note today. Strong progress of the Southwest Monsoon, hopes of the passage of the GST bill in the upcoming monsoon session of the Parliament and a pickup in Indian manufacturing have lifted the country’s economic outlook. The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) rose to a three-month high at 51.7 in June from 50.7 in May, with a reading above 50 signaling expansion. Traders will eye the Services PMI data and the start of the Q1 earnings season this week. The stock of SBI will be in focus after the country’s biggest state-run lender sold 5 percent stake in the national stock exchange for over Rs 900 crore. Trend in global markets, movement of the rupee against the dollar, crude oil prices and foreign investment trend may also influence Dalal Street in a holiday shortened week. Snapping a three-week losing streak, the 30-share Sensex last week rallied by 747.20 points to settle at 27,144.91, which was an eight-month high.
Asian stocks extended an advance eying more policy loosening measures from global central banks in the aftermath of Brexit. However, volatility may remain high amid continued worries over a China slowdown, tentative US recovery and the messy UK-EU divorce. China’s Shanghai Composite advanced, Hang Seng surged by over 1 per cent and Japan’s Nikkei rose despite a stronger yen. Speculation of policy action from central banks and optimism over US economic growth buoyed US stocks for a fourth straight day on Friday. A US manufacturing gauge grew at the fastest pace in more than a year at 53.2 in June, up from 51.3 in May, with a reading above 50 signaling expansion.
