INDIAN EQUITY MARKET OUTLOOK - 01 AUG 2016

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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