Markets to extend gains on positive global cues

19 Aug 2016 Evaluate

The Indian markets surged in last session, snapping their two days losing streak, supported by upbeat banking stocks. Today the start is likely to be in green and the markets will be extending the gains on supportive global cues. Also, as Moody's Investors Service has retained India's growth forecast at 7.5 per cent for 2016 and revised upwards estimates for China to 6.6 per cent citing strong fiscal and monetary support. Apart from equity markets there will be buzz in the bond markets, as an expert panel with an aim to develop corporate bond market in India, has suggested easing of norms for foreign investors, a corporate bond index on lines of Sensex or Nifty, and making it mandatory for large corporates to tap this market for funds beyond a threshold. There will be action in steel stocks, as India has slapped anti-dumping duty on certain cold-rolled flat steel products from four nations including China and South Korea to guard domestic industry from cheap imports. Realty stocks too will be in upbeat mood, as a report on residential market has said that the affordable housing market doubled in new launches in the first half of 2016 as against the same time last year.SBI and its associates too will be in action, as the board of State Bank of India (SBI) has approved the swap ratio for taking over four banks -- three of its associate banks as well as Mahila Bank. The merger will create a banking behemoth with an asset book of Rs 37 lakh crore.

The US markets managed to extend the gains in last session albeit modestly, reacting to some positive earnings, though the mood was dampened by slight increase in jobless claims. The Asian markets have made mostly a positive start and the Japanese stocks advanced over half a percent in early deals as the yen retreated and crude oil continued its upmove after entering into a bull market.

Back home, Indian stock markets witnessed a fairly stable day of trade on Thursday as sanguinity got reinforced after minutes of the US Federal Reserve meeting signaled no interest rate hikes in the near term and raised hopes that the pace of foreign inflows into the domestic market would continue. Sentiments remained optimistic for most part of the session as Jharkhand becoming the third state to ratify the Goods and Services Tax Amendment Bill in a special session of the Legislative Assembly. The state of Assam and Bihar had already passed the GST Bill. The government has set a deadline of April 2017 for its rollout. Also, a new UN report which calls for more transparent policies if the country aspires to become a global driver of innovation, has ranked India 66th in a list of most innovative economies, a jump of 15 places from last year. Some support came with Moody’s report on emerging market highlighting that India is seeing gradual progress on reforms and the country’s outlook will largely be determined by domestic factors. The report maintained Gross Domestic Product (GDP) growth forecast for India at 7.5% adding that India now seems less vulnerable than it used to be. However, market participants remained cautious with the private report indicating that headline inflation is expected to continue its rally through the rest of this fiscal, while WPI is likely to average 3.9 per cent, CPI will average close to 5 per cent in 2016-17. Meanwhile, mild buying witnessed in selected Steel makers with a Moody’s report that steel demand in India will outpace the regional average, while the profitability of domestic steel companies will outperform regional peers on account of an increase in domestic demand. On the global front, Asian markets ended mostly higher on Thursday, while European shares rose for the first time in a week. Back home, the benchmark got off to a positive start in the morning trade as investors were largely influenced by the supportive leads from Asian markets. Thereafter, the frontline indices soon capitalized on the momentum and touched intraday highs in late morning session but the indices failed to hold onto the highs on account of profit booking in few sectors. Finally, the BSE Sensex gained 118.07 points or 0.42% to 28123.44, while the CNX Nifty rose by 49.20 points or 0.57% to 8,673.25.

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Name of the IA registered with SEBI:	The Alchemists Ark Pvt. Ltd.
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SEBI Registration Number:	INA000013323 Validity - May 16, 2019 - Perpetual
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Name: Mukta Vaze

Email: mukta.vaze@moneyworks4me.com

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Name: Atharva Bhide

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Mobile No:+91 91758 99463

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