Bullish start seen as Bears hide behind clouds
Indian Indices:
Indian equity benchmarks may witness a gap up opening on Friday tracking a rally across markets in Asia as traders across the globe eye the crucial July US jobs data which will signal the health of the labour market recovery in the world’s biggest economy and may offer some clues over the timing of the next US Fed interest rate hike.
Shares of GSK Consumer Healthcare, HT Media and Pfizer will be in focus as they reveal their April-June 2016 quarter report cards. The passage of the long pending GST bill in the Rajya Sabha this week will continue to support investor sentiment, although concerns surrounding its implementation may temper gains at Dalal Street.
Snapping a four-day losing streak, the 30-share Sensex on Thursday advanced by 16.86 points or by 0.06 per cent to end at 27,714.37 on GST clearance.
Global Market:
Asian stocks rose after the Bank of England cut interest rates to a record low and expanded asset purchases to help cushion Britain’s economy from the fallout of Brexit, bolstering risk taking appetite.
Shanghai Composite was tad higher, Hang Seng jumped over 1 per cent and Nikkei 225 climbed after the Bank of Japan boosted daily ETF purchases.
Solid jobs numbers may bolster the case for a rate hike in 2016.
US stocks ended little changed on Thursday after traders weighed disappointing economic data as jobless claims rose 3,000 last week while factory orders fell 1.5 per cent in June.
Major Headlines of the day:
• Tata Motors (JLR) UK July 2016 retail sales grew strongly 44% yoy
• Apollo Tyres eyes double-digit FY17 sales growth in India biz
• Jamna Auto Industries: Strong results; ahead of estimates on all fronts
Trend in FII flows: The FIIs were net buyers of Rs 559.49 Cr in the cash segment on Thursday while the DIIs were net sellers of Rs – 527.11 Cr, as per the provisional figures.
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