Pre-Market: Markets to witness a mildly higher opening Analysis for Jun 02, 2014

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The Sensex and Nifty are likely to see a mildly higher opening as the week awaits fresh triggers from the Modi-led government. Moreover, the market looks susceptible to consolidation ahead of the monetary policy review due tomorrow. The GDP data for Jan-March that came in at 4.6 against a market expectation of 4.8 will create a room for monetary easing in the policy review. However, the market will pick pace if the HSBC Markit manufacturing PMI for the month of May turns out to be an appealing number. Japanese stocks are trading higher as oil and copper futures rebounded from the longest slump in four weeks after a gauge of China"s manufacturing expanded at the fastest pace this year. Crop prices and the Yen declined. Forecasts for a rebound in U.S. growth in the second quarter and stimulus from central banks in Japan and China, along with higher-than-estimated corporate earnings, helped improve investor sentiments. The NIKKEI is trading 1.70 points up.The Chinese and Hong-Kong markets are closed on the occasion of Dragon Boat Festival.Stocks showed a lack of direction throughout the trading day on Friday before ending the session mixed. Another mixed batch of U.S. economic data contributed to the choppy trading on Wall Street, although the S&P 500 still managed to reach a new record closing high. The major averages finished the session on opposite sides of the unchanged line. While the NASDAQ edged down 5.33 points or 0.1 percent to 4,242.62, the Dow inched up 18.43 points or 0.1 percent to 16,717.17 and the S&P 500 crept up 3.54 points or 0.2 percent to 1,923.57. The lackluster performance on the day came as traders weighed separate reports showing an unexpected drop in personal spending in April and acceleration in Chicago-area business activity in May. The Commerce Department released a report showing that personal spending dipped by 0.1 percent in April after surging up by 1.0 percent in March. Meanwhile, MNI Indicators released a separate report not long after the open showing that its reading on Chicago-area business activity unexpectedly rose to a seven-month high in May.Top traded Volumes on NSE Nifty – NTPC Ltd. 61623986.00, Power Grid Corporation of India Ltd. 39325100.00, DLF Ltd. 20070581.00, Sesa Sterlite Ltd. 19196652.00, Hindalco Industries Ltd. 11040937.00,On NSE, total number of shares traded was 133.60 Crore and total turnover stood at Rs. 26092.91 Crore.On NSE Future and Options, total number of contracts traded in index futures was 344141 with a total turnover of Rs. 12595.08 Crore. Along with this total number of contracts traded in stock futures were 923303 with a total turnover of Rs. 33980.29 Crore. Total numbers of contracts for index options were 1576695 with a total turnover of Rs. 57748.49 Crore. and total numbers of contracts for stock options were 249188 with a total turnover of Rs. 9388.69 Crore.The FIIs on 30/05/2014 stood as net buyer in equity and debt. Gross equity purchased stood at Rs. 6868.90 Crore and gross debt purchased stood at Rs. 1887.10 Crore, while the gross equity sold stood at Rs. 7309.50 Crore and gross debt sold stood at Rs. 1490.40 Crore. Therefore, the net investment of equity and debt reported were Rs. -440.60 Crore and Rs. 396.70.

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Story first published: Monday, June 2, 2014, 8:12 [IST]
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