INDIAN BENCHMARKS Bullish start seen on Dalal Street
The Indian shares are likely to see a strong start as the global cues look supportive with SGX Nifty trading 21.50 points higher
Indian equity benchmarks are likely to witness a gap up opening on Tuesday tracking a positive trend across markets in Asia as investors continued to assess the prospects of a US interest rate hike this summer.
Gains in the CNX Nifty Index Futures for June delivery which advanced by 0.21 per cent or 17.5 points at 8,212.5 at 10:35 AM Singapore time also signal that Dalal Street may open higher today.
Shares of Tata Motors may see some buying momentum as the company in aftermarket hours on Monday said that its consolidated net profit for the March 2016 ended quarter tripled to Rs5,177 crore led by strong sales from its Jaguar Land Rover business in the UK, Europe, North America and China.
Asian stocks were trading higher today as traders remained focused on US interest rate outlook.
China’s Shanghai Composite jumped over 2 per cent led by gains in financial and commodity companies, Hang Seng rose while Japan’s Nikkei 225 advanced as a revival in industrial output eased concerns over the world’s third biggest economy.
Japanese industrial production climbed 0.3 per cent in April 2016 from the previous month, compared to an expected 1.5 per cent drop.
US markets were closed on Monday due to the Memorial Day holiday.
Major Headlines of the day:
- Sun Pharma: Board To Mull Share Buyback On June 23
- S&P, Fitch downgrade Rolta
- TRAI issues pre consultation paper on net neutrality
Trend in FII flows: The FIIs were net sellers of Rs -355.54 Cr in the cash segment on Monday while the DIIs were net buyers of Rs 211.09 Cr, as per the provisional figures.