INDIAN EQUITY MARKET OUTLOOK - 26 AUG 2016

Thank God it’s Friday say Bulls

Indian Indices:

Indian equity benchmarks are set to witness a gap up opening on Friday as traders across the globe awaited a highly anticipated speech from US Fed Chair Janet Yellen at Jackson Hole today which may offer some clues on the trajectory of interest rate hikes in the world’s biggest economy.

Gains in the CNX Nifty Index Futures for September delivery which were trading at 8,660.5, up by 0.22 per cent or 19 points at 10:40 AM Singapore time, signal that the Sensex may open on a bullish note today. Shares of Tata Motors will be in focus as the automobile giant reveals its April-June 2016 quarter report card.

Snapping a two-day drop, the 30-share Sensex on Thursday fell 224.03 points or by 0.8 per cent to 27,835.91 as Infosys nosedived amid the expiry of the August Futures & Options (F&O) contracts while traders were cautious ahead of Yellen speech.

Global Market:

Asian shares were mixed in the wake of caution ahead of Yellen’s speech later on Friday which may offer cues over the timing of the next Fed rate hike.

Shanghai Composite and Hang Seng rose but Nikkei 225 declined as Japan’s core consumer prices fell 0.5 per cent, year-on-year, a sign that the country remains mired in deflation.

US stocks retreated on Thursday as fresh economic data raised the odds of a near-term Fed rate rise.

Major Headlines of the day:

·  Lupin Pharma gets USFDA tentative approval for gPaxil oral tablets

· Cipla’s subsidiary InvaGen Pharma gets USFDA approval for trospium chloride

·   RBI identifies SBI and ICICI Bank as D-SIBs in 2016

 Trend in FII flows: The FIIs were net sellers of Rs -372.08 Cr in the cash segment on Thursday while the DIIs were net sellers of Rs -357.02 Cr, as per the provisional figures.

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