All eyes will be on Feb Nikkei India PMI Services and Feb Nikkei India PMI Composite which is scheduled to be released today. For the current momentum to sustain, a close above 7435 is crucial. Choppiness could set in at higher levels. Banking stocks are expected to be in limelight on rate cut hopes
The pace and intensity of this pullback after the budget has taken most people by surprise. All eyes will be on Feb Nikkei India PMI Services and Feb Nikkei India PMI Composite which is scheduled to be released today. Banking stocks are expected to be in limelight on rate cut hopes. Will the RBI announce an out-of-turn reduction in repo rate? Some investors seem to be betting on that.
The outlook is yet another positive start. To get into a running train or sell into the rally is the question. Wednesday’s gap-up opening also took out the hurdle of 7225, which was giving bulls a tough time for the last one month. For the current momentum to sustain, a close above 7435 is crucial. Choppiness could set in at higher levels.
Chinese Caixin Services PMI for February fell unexpectedly to 51.2 from 52.4 in the previous month. Asian markets are mixed. Nikkei is trading 0.79%. China's CIS300 rose 0.50%. Hong Kong's Hang Seng is marginally down but South Korea's Kospi is higher. US stock indices advanced modestly on Wednesday, as energy shares climbed in line with higher oil prices.
The Dow closed 0.2%, higher. S&P 500 index rose 0.4%. Nasdaq gained 0.3%.
Crude-oil prices settled higher after a report on inventories showed an increase in weekly supplies while the production declined. April US crude oil futures, which was down as much as 2% earlier in the session, reversed course to settle 0.8% higher at US$34.66 a barrel.
In economic news, the private sector added 214,000 jobs in February, ADP reported, a modest acceleration from January’s revised gain of 193,000. The official non-farm payrolls report is due on Friday.
The outlook is yet another positive start. To get into a running train or sell into the rally is the question. Wednesday’s gap-up opening also took out the hurdle of 7225, which was giving bulls a tough time for the last one month. For the current momentum to sustain, a close above 7435 is crucial. Choppiness could set in at higher levels.
Chinese Caixin Services PMI for February fell unexpectedly to 51.2 from 52.4 in the previous month. Asian markets are mixed. Nikkei is trading 0.79%. China's CIS300 rose 0.50%. Hong Kong's Hang Seng is marginally down but South Korea's Kospi is higher. US stock indices advanced modestly on Wednesday, as energy shares climbed in line with higher oil prices.
The Dow closed 0.2%, higher. S&P 500 index rose 0.4%. Nasdaq gained 0.3%.
Crude-oil prices settled higher after a report on inventories showed an increase in weekly supplies while the production declined. April US crude oil futures, which was down as much as 2% earlier in the session, reversed course to settle 0.8% higher at US$34.66 a barrel.
In economic news, the private sector added 214,000 jobs in February, ADP reported, a modest acceleration from January’s revised gain of 193,000. The official non-farm payrolls report is due on Friday.
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