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Pre Session- No respite seen for D-Street amid steep global sell-off Analysis for Aug 21, 2015

By Religare
|

Indian equity benchmarks may continue to succumb to a severe broad-based global sell-off as traders fret over the health of the world economy with China mired in a steep slowdown, while tumbling currencies and commodities exasperate investor fears, prompting a flight from equities. The 30-share Sensex on Thursday plunged 323.82 points or by 1.16 per cent to end at 27,607.82 as the rupee slid to a fresh two-year low and amidst a rout in global stocks, after fairly dovish minutes from the FOMC meet underlined concerns over the global economy against the backdrop of an oil price collapse and worsening turmoil in China. Meanwhile, RBI Governor Raghuram Rajan warned of risks from China"s Yuan devaluation moves last week, stressing that a long-term competitive devaluation could ignite a global currency war. The RBI is closely watching the progress of the Monsoon and its impact on inflation ahead of its next policy meet on September 29 as hopes build up for another interest rate cut after consumer inflation hit a record low in July. However, a further depreciation of the rupee could weaken the case for monetary easing in September even as exporters clamor for a rate cut. Asian stocks slipped to a 17-month low while the S&P 500 index fell prey to its biggest loss since February 2014 overnight as bearish sentiment ruled the roost as slowing global growth prompts investors to shun risky assets. Amidst a growing global gloom, coupled with weakness in the SGX CNX Nifty Index futures for August delivery which fell 1.19 per cent or 98.5 points at 8,279.50 at 10:20 am Singapore time, Dalal Street is set for a gap down opening today.

 

Asian stocks fell prey to a sharp sell-off today after Wall Street plummeted overnight with key benchmarks tumbling more than 2 per cent on Thursday as fears over a China slowdown and sliding emerging market currencies unnerved traders. Citigroup cut its global economic growth forecast for 2015 to 3.1 per cent from 3.3 per cent, its third straight downward revision. China"s Shanghai Composite extended a slide after a private manufacturing gauge contracted at the fastest pace since March 2009, coming in at 47.1 in August, with a reading below 50 signaling contraction, stoking more fears over the health of the world"s second biggest economy. Hang Seng tumbled while Japan"s Nikkei 225 was also trading deep in the red even as manufacturing activity hit a seven-month high last month.

 

Top traded Volumes on NSE Nifty – Bank of Baroda 15568519.00, State Bank of India 14577599.00, ICICI Bank Ltd. 14488138.00, ITC Ltd. 12005601.00 and Vedanta Ltd. 10843704.00.

On BSE, total number of shares traded was 34.94 Crore and total turnover stood at Rs. 3354.59 Crore. On NSE Future and Options, total number of contracts traded in index futures was 815623 with a total turnover of Rs. 21531.86 Crore. Along with this total number of contracts traded in stock futures were 1311793 with a total turnover of Rs. 35862.91 Crore. Total numbers of contracts for index options were 11334545 with a total turnover of Rs. 262799.09 Crore and total numbers of contracts for stock options were 756898 with a total turnover of Rs. 21289.57 Crore.

The FIIs on 20/08/2015 stood as net seller in equity and net buyer in debt. Gross equity purchased stood at Rs. 3146.47 Crore and gross debt purchased stood at Rs. 301.55 Crore, while the gross equity sold stood at Rs. 3436.29 Crore and gross debt sold stood at Rs. 220.62 Crore. Therefore, the net investment of equity and debt reported were Rs. -289.82 Crore and Rs. 80.93 Crore.

Story first published: Friday, August 21, 2015, 8:48 [IST]
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