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Pre Session- Soft opening seen for Sensex on subdued Asia trend Analysis for Aug 17, 2015

By Religare

Indian equity benchmarks which soared on Friday, may witness a gap down opening today tracking a mostly bearish trend across stocks in Asia but hopes of further reforms and anticipation of another interest rate cut by the RBI may continue to support buying momentum at Dalal Street. Notching up its biggest gain in three-months, the 30-share Sensex rallied a massive 517.78 points or by 1.88 per cent to end at 28,067.31 on Friday as a record drop in wholesale prices fueled bets of further policy easing to boost growth in Asia"s third biggest economy. Wholesale prices fell for the ninth month on the trot, dropping 4.05 per cent in July 2015 from a year ago led by lower food and fuel prices as a softening global commodity price cycle acts as a boon for India. Consumer inflation retreated to 3.78 per cent in July 2015 from June"s 5.4 per cent. Benign inflation, coupled with plunging exports which fell for an eighth month in July have raised hopes that the central bank may cut interest rates for a fourth time this year, at a meet next month. Meanwhile, traders are pinning hopes on an announcement of a special session of the Parliament by the government to clear the long pending GST bill that is expected to make India an easier place to do business while giving a 2 per cent boost to the country"s GDP. The recently concluded Monsoon Session of the Parliament had been a total washout due to opposition uproar over graft allegations against three senior BJP party ministers, crippling the government"s ability to push through far reaching reforms. Banking stocks may continue to remain in the limelight amid the centre"s plans to revive state-run lenders via recapitalization and setting up a Banks Board Bureau. The rupee"s movement against the dollar amid the impact of China"s recent devaluation of the Yuan will be keenly watched by traders. Amidst a negative trend in most markets across Asia, coupled with weakness in the SGX CNX Nifty Index futures for August delivery which fell 0.31 per cent or 26.50 points at 8,520 at 10:49 am Singapore time, Dalal Street is set to open lower today.


Most Asian stocks fell as shares in mainland China retreated led by a drop in energy and financial companies, while Hang Seng declined but Japan"s Nikkei 225 climbed as the world"s third biggest economy contracted less than expected in Q2. Japan"s economy shrank 1.6 per cent annualized pace in the June-August quarter, beating expectations for a 1.8 per cent contraction. Wall Street ended higher on Friday after the People"s Bank of China raised the Yuan"s reference rate following massive devaluations earlier in the week, stemming the decline in the currency and reviving risk taking appetite.


Top traded Volumes on NSE Nifty – State Bank of India 14852873.00, Bank of Baroda 14076858.00, Hindalco Industries Ltd. 11777040.00, Vedanta Ltd. 11143356.00 and Tata Steel Ltd. 9065329.00.

On BSE, total number of shares traded was 30.49 Crore and total turnover stood at Rs. 3231.37 Crore.

On NSE Future and Options, total number of contracts traded in index futures was 750415 with a total turnover of Rs. 20533.33 Crore. Along with this total number of contracts traded in stock futures were 1071828 with a total turnover of Rs. 29724.32 Crore. Total numbers of contracts for index options were 9442296 with a total turnover of Rs. 218519.37 Crore and total numbers of contracts for stock options were 676569 with a total turnover of Rs. 19224.01 Crore.

The FIIs on 14/08/2015 stood as net seller in equity and debt. Gross equity purchased stood at Rs. 3906.90 Crore and gross debt purchased stood at Rs. 606.21 Crore, while the gross equity sold stood at Rs. 4397.87 Crore and gross debt sold stood at Rs. 913.46 Crore. Therefore, the net investment of equity and debt reported were Rs. -490.97 Crore and Rs. -307.25 Crore.

Story first published: Monday, August 17, 2015, 9:00 [IST]
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