Positive opening on the cards on Q2 GDP data

Indian Indices:

The key domestic benchmarks are likely to open higher today as investors cheer better than expected Q2 GDP data which showed that Asia’s third biggest economy expanded 5.3 per cent, year on year in the July-September 2014 quarter. SGX Nifty is trading 13.50 points lower.

HSBC Manufacturing PMI today. Caution ahead of the RBI monetary policy review on Tuesday may curb the gains in the Sensex.

Indian shares hit a record high on Friday, rising for the third straight session, led by gains in lenders such as SBI after the government said it would cut its stake in state-run banks.

On (Friday 28, 2014) 30-share Sensex ended up 255.08 points at 28,694 after hitting an all-time high of 28,822.37 and Nifty closed 94.05 points higher at 8,588.25 after touching a record high of 8,616.70.

Global Market:

Asian markets are largely trading weak with the notable exception of Nikkei index which has gained around 0.8%.

US stocks posted a mixed finish in a holiday-shortened session Friday as energy shares got slammed a day after the Organization of the Petroleum Exporting Countries did nothing to alleviate a global supply glut.

European shares posted their second consecutive weekly gain after a late recovery on Friday, as heavy falls in energy stocks, hit by a slump in oil prices, were offset by gains in airlines and consumer companies.

Major Headlines of the day:

United Spirits minority shareholders reject 9 proposals at EGM.

Hero Moto plans to set up manufacturing plants in Brazil, Argentina.

Tata Power may not source coal from Indonesia for Mundra.

SGX Nifty


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