The market movement will not hinge a lot on what the Fed does later this week. The industrial production and BoP data released, along with the Q1 2015-16 GDP numbers point towards steady improvement in the Indian economy. On Tuesday, the Empowered Committee of State Finance Ministers will reportedly meet on to discuss the draft of the model GST legislation that can be used by States. The combined market valuation of top six Sensex companies increased by Rs. 26,346 crore last week with RIL, HDFC, SBI, Infosys, HDFC Bank and ONGC clocking gains. The losers were TCS, ITC, Coal India and Sun Pharmaceutical.
The outlook is a flat to positive start. The Dow gained 0.63% and S&P 500 added 0.45%. Nasdaq was up half a percent. Japan's Nikkei is up and so is Hong Kong's Hang Seng index. China's Shanghai index was marginally lower. The rupee could gain some strength initially as it reacts to macro data released on Friday. Later, it could come under pressure as speculation builds up regarding the Fed meet later this week.
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