Pre Market Report- Flat opening on the cards for Sensex; Q1 earnings data in focus
21/07/2016
Indian equity benchmarks are likely to open little changed, with a negative bias, on Thursday, as traders resort to profit taking after a recent impressive run of gains. The CNX Nifty Index Futures for July delivery was trading down by 0.03 per cent or by 3 points at 8,586 at 10:35 AM Singapore time, signaling that Dalal Street may open tad lower today. A spate of quarterly earnings from the likes of ABB, Biocon, Cairn India, HDFC Bank, Hindalco and Kotak Mahindra Bank are due for release today, keeping Dalal Street investors in watchful mode. Continued optimism over the passage of the GST bill in the ongoing monsoon session of the Parliament and strong progress in the south-west monsoon rains may support sentiment at Dalal Street. Meanwhile, the IMF has trimmed its growth forecast for the Indian economy by 0.1 percentage point for FY17 and FY18 to 7.4 per cent amidst softness in investment activity in the wake of Britain’s decision to exit the EU that may negatively impact business confidence and investment across the globe. Marking a second straight rally, the 30-share Sensex on Wednesday advanced by 128.27 points or by 0.46 per cent led by robust foreign fund inflows.
Asian stocks advanced on hopes of fresh stimulus in Japan and easing worries over global growth amid better-than-expected corporate earnings in the US. China’s Shanghai Composite logged mild gains, Hang Seng rose while Japan’s Nikkei 225 surged over 1 per cent as a weaker yen bolstered the lure for exporter stocks and media reports said that Japan’s government is considering a stimulus package of 20 trillion yen, almost double its previous plan, to help the economy withstand any potential affect of Brexit. Wall Street rallied on Wednesday as strong earnings from corporate behemoths such as Microsoft and Morgan Stanley bolstered optimism over the health of the world’s biggest economy.
21/07/2016
Indian equity benchmarks are likely to open little changed, with a negative bias, on Thursday, as traders resort to profit taking after a recent impressive run of gains. The CNX Nifty Index Futures for July delivery was trading down by 0.03 per cent or by 3 points at 8,586 at 10:35 AM Singapore time, signaling that Dalal Street may open tad lower today. A spate of quarterly earnings from the likes of ABB, Biocon, Cairn India, HDFC Bank, Hindalco and Kotak Mahindra Bank are due for release today, keeping Dalal Street investors in watchful mode. Continued optimism over the passage of the GST bill in the ongoing monsoon session of the Parliament and strong progress in the south-west monsoon rains may support sentiment at Dalal Street. Meanwhile, the IMF has trimmed its growth forecast for the Indian economy by 0.1 percentage point for FY17 and FY18 to 7.4 per cent amidst softness in investment activity in the wake of Britain’s decision to exit the EU that may negatively impact business confidence and investment across the globe. Marking a second straight rally, the 30-share Sensex on Wednesday advanced by 128.27 points or by 0.46 per cent led by robust foreign fund inflows.
Asian stocks advanced on hopes of fresh stimulus in Japan and easing worries over global growth amid better-than-expected corporate earnings in the US. China’s Shanghai Composite logged mild gains, Hang Seng rose while Japan’s Nikkei 225 surged over 1 per cent as a weaker yen bolstered the lure for exporter stocks and media reports said that Japan’s government is considering a stimulus package of 20 trillion yen, almost double its previous plan, to help the economy withstand any potential affect of Brexit. Wall Street rallied on Wednesday as strong earnings from corporate behemoths such as Microsoft and Morgan Stanley bolstered optimism over the health of the world’s biggest economy.
