Pre Market Report- Sensex may open higher; Wipro Q1 data in focus : 19.Jul.2016
Indian equity benchmarks are set to witness a gap up opening on Tuesday as traders remain focused on the quarterly earnings numbers of India Inc. while hopes rise that the Modi government will be able to overcome the GST hurdle in the upcoming monsoon session of the Parliament, bolstering the outlook for Asia’s third biggest economy. Gains in the CNX Nifty Index Futures for July delivery, which climbed by 0.18 per cent or by 15.5 points to 8,535 at 10:34 AM Singapore time, signal that Dalal Street may open higher today. Shares of Wipro will be in focus as the IT major unveils its earnings report card for the April-June 2016 quarter. Analysts expect the company to post a 1.1 per cent sequential rise in Q1 revenue to Rs 12,940 crore while it may provide a guidance of 1.5–3.5 per cent growth for Q2 FY 2016-17. Traders will continue to eye the progress of the south-west monsoon rains amid hopes that a strong monsoon may help bolster rural demand and keep a check on gains in food prices. The 30-share Sensex on Monday fell by 89.84 points or by 0.32 per cent to end at 27,746.66 amid profit taking by investors while a disappointing Q1 report card from FMCG giant HUL also weighed heavily, as it posted a lower-than-expected 3.6 per cent revenue growth for the first quarter.
Asian stocks were trading mixed as investors continue to weigh the prospects of further stimulus from central banks to bolster an economic recovery. China’s Shanghai Composite and Hang Seng declined while a weaker yen boosted Japan’s Nikkei 225, by bolstering the lure for exporter stocks. Wall Street rose on Monday with S&P 500 hitting a record high for the fifth time in six days on hopes of a robust earnings season and a rally in tech shares amid a flurry in deal activity.
Indian equity benchmarks are set to witness a gap up opening on Tuesday as traders remain focused on the quarterly earnings numbers of India Inc. while hopes rise that the Modi government will be able to overcome the GST hurdle in the upcoming monsoon session of the Parliament, bolstering the outlook for Asia’s third biggest economy. Gains in the CNX Nifty Index Futures for July delivery, which climbed by 0.18 per cent or by 15.5 points to 8,535 at 10:34 AM Singapore time, signal that Dalal Street may open higher today. Shares of Wipro will be in focus as the IT major unveils its earnings report card for the April-June 2016 quarter. Analysts expect the company to post a 1.1 per cent sequential rise in Q1 revenue to Rs 12,940 crore while it may provide a guidance of 1.5–3.5 per cent growth for Q2 FY 2016-17. Traders will continue to eye the progress of the south-west monsoon rains amid hopes that a strong monsoon may help bolster rural demand and keep a check on gains in food prices. The 30-share Sensex on Monday fell by 89.84 points or by 0.32 per cent to end at 27,746.66 amid profit taking by investors while a disappointing Q1 report card from FMCG giant HUL also weighed heavily, as it posted a lower-than-expected 3.6 per cent revenue growth for the first quarter.
Asian stocks were trading mixed as investors continue to weigh the prospects of further stimulus from central banks to bolster an economic recovery. China’s Shanghai Composite and Hang Seng declined while a weaker yen boosted Japan’s Nikkei 225, by bolstering the lure for exporter stocks. Wall Street rose on Monday with S&P 500 hitting a record high for the fifth time in six days on hopes of a robust earnings season and a rally in tech shares amid a flurry in deal activity.
