The key domestic benchmarks are tipped to open lower today as investors and speculators may resort to some profit booking after a stellar rally in recent sessions amid hopes of a rebound in Asia’s third biggest economy after Prime Minister Narendra Modi’s independence day speech in which he committed to revive manufacturing.
SGX Nifty is trading 14.00 points lower
However, worries over the impact of a weaker monsoon may weigh on the markets sentiment.
India’s NSE index rose on Friday to its fourth record high this week as software stocks such as Infosys gained after upbeat U.S. and German data drove confidence about the sector’s business outlook, while higher global shares also helped. The BSE Sensex gained 0.23% while the CNX Nifty ended 0.28% record closing high
On (Friday 22, 2014) Sensex closed at 26419.55, up by 59.44 points, while the Nifty rose 22.10 points to close at 7913.20.
Asian indices traded mixed on early Monday following an uninspiring handover from Wall Street, as Ukraine-Russia tensions reignited and a speech by Federal Reserve Chair Janet Yellen failed to give investors any clues on when the Fed will hike rates.
Wall Street and other stock markets paused on Friday, halting the week’s strong gains, as worsening Ukraine tensions dogged trading, while the dollar rose after Federal Reserve Chair Janet Yellen said policymakers eyeing interest rate hikes need to move cautiously.
European shares fell on Friday after a brisk two-week rally, hurt by a ratcheting-up of tensions in Ukraine, although traders said a dovish tone in a speech by US Federal Reserve Chair Janet Yellen limited losses.
Major Headlines of the day.
Idea Cellular launches mobile wallet service.
GAIL to bring pipeline to Varanasi, eastern cities.
Alstom sees sales picking up steam to 20% over the next three years.