Indian Indices:
Indian shares are likely to witness a positive start on Friday morning as the global markets look supportive with SGX Nifty trading 14 points higher @9907.Indian equities are likely to extend rally on Friday, tracking firm cues from Nifty futures on the Singapore Stock Exchange and positive trading across Asian markets.
Back home, bullish trend in the SGX Nifty Index Futures for July delivery, which were trading at 9,907.50, up by 13.5 points or 0.14 per cent, at 10:54 AM Singapore time, also signaled a positive opening for local bourses. On the economy front, Prime Minister Narendra Modi will hold a meeting today to review the country's foreign direct investment policy to further ease investment norms, which is likely to boost foreign inflows in the market.
Investors will keep an eye on wholesale price index (WPI) for June which will be released today after consumer price index (CPI)-based inflation slipped to record low, putting pressure on the Reserve Bank of India to cut the policy interest rate in August. Investors will also react to earnings of Tata Consultancy Services which was largely below market estimates due to wage hikes and currency headwinds. After muted earnings from TCS, IT bellwether Infosys will declare its April-June quarter results today.
On Thursday, the Indian equities extended rally on Thursday, thanks to fall in retail inflation and dovish comments from US Fed Chair Janet Yellen, tracking firm cues from Asian peers. In a testimony before the US Congress, Yellen said that the Federal Reserve will hike interest rate at a gradual pace and start trimming its bond holdings this year.
The 30-share barometer SENSEX closed at 32037.38, up by 232.56 points or by 0.73 per cent, and the NSE Nifty ended at 9891.7, up by 75.6 points or by 0.77 per cent. Back home, India’s industrial production slowed to a three-month low in May while consumer price index (CPI)-based inflation slipped to record low, putting pressure on the Reserve Bank of India to cut the policy interest rate in August.
Global Market:
Global stocks scaled record highs on Friday, with Asian equities rising for the fifth straight session, as signs the Federal Reserve will pursue a gradual rate tightening path and hopes of a strong earnings season lifted appetite for risk assets.
U.S. President Donald Trump said he is considering quotas and tariffs to deal with the 'big problem' of steel dumping from China and others. Wall Street ended in green as market sentiment got a lift by dovish comment from Federal Reserve Chair Janet Yellen. In a testimonial to Congress, Janet Yellen said that the Federal Reserve will hike interest rate at a gradual pace and start trimming its bond holdings this year.
Oil markets dipped on Friday, pulled down by high fuel inventories and improving industry efficiency, but were still on track for a solid weekly gain. The Trump administration on Thursday announced its first offshore oil and gas lease sale, offering 76 million acres (30 million hectares) in the Gulf of Mexico and reduced royalty rates for shallow-water leases to encourage drilling at a time of low oil prices.
Major Headlines of the day:
• Morgan Stanley increases stake in Redington for Rs 107 cr.
• GVK completes residual stake sale in Bangalore Airport to Fairfax India.
• IOCL Paradip refinery biggest gainer of tax sops among new refineries.
• Tata Motors, MAHLE tie up to develop a prototype Mobile AC System.
Trend in FII flows: The FIIs were net buyers of Rs -59.15 the cash segment on Thursday while the DIIs were net sellers of Rs 279.13 as per the provisional figures.
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