Bullish start seen ahead of key macros
Indian Indices:
Indian equity benchmarks are set to
witness a positive opening on Monday as progress on the crucial Goods and
Services Tax (GST) bill bolsters the outlook for Asia’s third biggest economy,
boosting risk taking appetite.
Gains in the CNX Nifty Index Futures
for August delivery which advanced 0.53 per cent or 46 points at 8,733.5, at
10:25 AM Singapore time, signal that Dalal Street may open higher today. The
much awaited GST bill has been listed by the Modi government for consideration
and passage in Rajya Sabha's agenda for this week in the ongoing monsoon
session of the Parliament.
Shares of HCL Technologies, Tech
Mahindra, Indian Bank, Tata Power and GlaxoSmithKline Consumer Healthcare will
be in focus this week amidst their April-June quarter earnings announcements.
Global Market:
Asian stocks were trading mixed
today as a contraction in China’s manufacturing sector raised concerns over a
slowdown in the world’s second biggest economy.
The official China manufacturing
index fell to 49.9 in July from 50 in June. China’s Shanghai Composite plunged
by over 1 per cent, Hang Seng rose and Japan’s Nikkei 225 logged modest gains
even as a stronger yen curbed the lure for exporter stocks.
Wall Street ended mostly higher on
Friday, helping the benchmark S&P 500 Index cap a fifth monthly gain as a
smaller than expected gain in US Q2 GDP raised bets that the Federal Reserve
may not be in a hurry to tighten interest rates.
Major Headlines of the day:
·
Petrol
price cut by Rs1.42, diesel by Rs2.01 a litre
·
BPCL
acquires 21% stake in FINO PayTech for Rs251 crore
·
Century
Plyboards starts commercial production at Chennai unit
Trend in FII flows: The FIIs were net sellers of Rs -14.02 Cr in the cash segment on Friday while the DIIs were net buyers of
Rs 148.34 Cr, as per the provisional figures.
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