Pre Market Report- Gap up opening seen for Sensex on global rally
08/08/2016
Indian equity benchmarks are poised to witness a bullish opening on Monday tracking a positive trend across most markets in Asia as strong US jobs data signaled a pickup in the recovery in the world’s biggest economy, bolstering risk taking appetite. Gains in the CNX Nifty Index Futures for August delivery which climbed 0.58 per cent or 50.5 points at 8,753, at 10:24 AM Singapore time, signal that Dalal Street may open higher today. Dalal Street this week will be dictated by the RBI’s policy meeting, the last leg of corporate earnings, macro-economic data and the progress of monsoon rains. The RBI on Tuesday may maintain status quo on interest rates as a pickup in inflation in the past three months amid a jump in food prices leaves little room for further monetary easing. The government has notified an annual inflation target of 4 per cent with a range of plus/minus 2 per cent, for the next five years, for Asia’s third biggest economy. Retail inflation rose to 5.77 percent in June 2016 from 5.76 per cent in May 2016 driven by higher food prices. Hero MotoCorp, Idea Cellular, Adani Ports and Special Economic Zone, Lupin, Mahindra & Mahindra and Hindalco Industries are among the major firms which will announce their April-June 2016 quarter results this week. The focus will also be on the June industrial output data and July consumer inflation to be released on Friday. In May 2016, India’s industrial output expanded 1.2 per cent, year-on-year. The 30-share Sensex last week climbed 26.49 points to end at 28,078.35 as the GST clearance in the Rajya Sabha bolstered sentiment.
Most Asian stocks jumped today tracking a record finish at Wall Street on Friday as better-than-expected US jobs data signaled a strengthening US economic recovery. Non-farm payrolls in the US climbed 255,000 in July, following a revised 292,000 gain in June, against an estimated 180,000 addition. While China’s Shanghai Composite was trading lower, Hang Seng surged by over 1 per cent and Japan’s Nikkei 225 rallied by almost 2 per cent as a weaker yen bolstered the lure for exporter stocks. US stocks soared with benchmark S&P 500 hitting a fresh high on Friday as traders cheered the July jobs data even as it bolstered the case for an interest rate hike before the end of the year.
08/08/2016
Indian equity benchmarks are poised to witness a bullish opening on Monday tracking a positive trend across most markets in Asia as strong US jobs data signaled a pickup in the recovery in the world’s biggest economy, bolstering risk taking appetite. Gains in the CNX Nifty Index Futures for August delivery which climbed 0.58 per cent or 50.5 points at 8,753, at 10:24 AM Singapore time, signal that Dalal Street may open higher today. Dalal Street this week will be dictated by the RBI’s policy meeting, the last leg of corporate earnings, macro-economic data and the progress of monsoon rains. The RBI on Tuesday may maintain status quo on interest rates as a pickup in inflation in the past three months amid a jump in food prices leaves little room for further monetary easing. The government has notified an annual inflation target of 4 per cent with a range of plus/minus 2 per cent, for the next five years, for Asia’s third biggest economy. Retail inflation rose to 5.77 percent in June 2016 from 5.76 per cent in May 2016 driven by higher food prices. Hero MotoCorp, Idea Cellular, Adani Ports and Special Economic Zone, Lupin, Mahindra & Mahindra and Hindalco Industries are among the major firms which will announce their April-June 2016 quarter results this week. The focus will also be on the June industrial output data and July consumer inflation to be released on Friday. In May 2016, India’s industrial output expanded 1.2 per cent, year-on-year. The 30-share Sensex last week climbed 26.49 points to end at 28,078.35 as the GST clearance in the Rajya Sabha bolstered sentiment.
Most Asian stocks jumped today tracking a record finish at Wall Street on Friday as better-than-expected US jobs data signaled a strengthening US economic recovery. Non-farm payrolls in the US climbed 255,000 in July, following a revised 292,000 gain in June, against an estimated 180,000 addition. While China’s Shanghai Composite was trading lower, Hang Seng surged by over 1 per cent and Japan’s Nikkei 225 rallied by almost 2 per cent as a weaker yen bolstered the lure for exporter stocks. US stocks soared with benchmark S&P 500 hitting a fresh high on Friday as traders cheered the July jobs data even as it bolstered the case for an interest rate hike before the end of the year.
