The indices may be stuck in a narrow range for the day. Fridays have usually seen a better close but that need not be the case today. Reliance Industries and HDFC Bank will announce their results today. The rupee could weaken on likely dollar demand for importers.
India will become $10 trillion economy and achieve growth rate of 10 per cent by 2032, Niti Aayog Chief Executive Officer Amitabh Kant reportedly said. This comes close on the heels of the RBI governor calling for implementing reforms for sustained growth in the economy. The Indian market has seen a terrific rise in the last eight weeks and bulls now appear to be in relaxed mode. The ensuing consolidation could test the patience of traders and investors as several overhead resistances come into play, which could make the ride ahead a bit bumpy from here on. The Nifty is yet to close above the high of January 2016 (7973). On Thursday, it flirted above those levels only to pare all gains to end at 7912.
The outlook is a flat start. The indices may be stuck in a narrow range for the day. Fridays have usually seen a better close but that need not be the case today. Reliance Industries and HDFC Bank will announce their results today. The rupee could weaken on likely dollar demand for importers.
US stock indices slipped on Thursday after rising for the previous three sessions, as investors examined a slew of mixed earnings and crude oil prices softened. Declines in defensive sectors such as Consumer Staples, Telecom and Utilities weighed on the main indexes. The Dow dropped 0.6%, S&P 500 declined 0.5% and Nasdaq closed flat.
On the US economic front, weekly jobless claims fell to the lowest level since 1973 while an index of factory conditions sank back into contraction in April. Meanwhile, the Conference Board’s leading economic index rose 0.2% to 123.4 following a 0.1% drop in February.
Across the Atlantic, the European Central Bank (ECB) left its key interest rates unchanged.
ECB President Mario Draghi said that broad financing conditions in the euro area have improved but that global uncertainties persist, and urged countries to strive for more “growth friendly” policies. Low interest rates are a “symptom of low growth and low inflation, it’s not the monetary policy consequence,” Draghi said. “If we want to return to higher interest rates, higher growth and inflation is required. Getting back to growth requires the current monetary policy stance,” said.
India will become $10 trillion economy and achieve growth rate of 10 per cent by 2032, Niti Aayog Chief Executive Officer Amitabh Kant reportedly said.
Moody's Investors Service says that the credit quality of many Chinese property developers rated by Moody's will stay weak in 2016, based on their financial results for the fiscal year ended 31 December 2015.
India will become $10 trillion economy and achieve growth rate of 10 per cent by 2032, Niti Aayog Chief Executive Officer Amitabh Kant reportedly said. This comes close on the heels of the RBI governor calling for implementing reforms for sustained growth in the economy. The Indian market has seen a terrific rise in the last eight weeks and bulls now appear to be in relaxed mode. The ensuing consolidation could test the patience of traders and investors as several overhead resistances come into play, which could make the ride ahead a bit bumpy from here on. The Nifty is yet to close above the high of January 2016 (7973). On Thursday, it flirted above those levels only to pare all gains to end at 7912.The outlook is a flat start. The indices may be stuck in a narrow range for the day. Fridays have usually seen a better close but that need not be the case today. Reliance Industries and HDFC Bank will announce their results today. The rupee could weaken on likely dollar demand for importers.
US stock indices slipped on Thursday after rising for the previous three sessions, as investors examined a slew of mixed earnings and crude oil prices softened. Declines in defensive sectors such as Consumer Staples, Telecom and Utilities weighed on the main indexes. The Dow dropped 0.6%, S&P 500 declined 0.5% and Nasdaq closed flat.
On the US economic front, weekly jobless claims fell to the lowest level since 1973 while an index of factory conditions sank back into contraction in April. Meanwhile, the Conference Board’s leading economic index rose 0.2% to 123.4 following a 0.1% drop in February.
Across the Atlantic, the European Central Bank (ECB) left its key interest rates unchanged.
ECB President Mario Draghi said that broad financing conditions in the euro area have improved but that global uncertainties persist, and urged countries to strive for more “growth friendly” policies. Low interest rates are a “symptom of low growth and low inflation, it’s not the monetary policy consequence,” Draghi said. “If we want to return to higher interest rates, higher growth and inflation is required. Getting back to growth requires the current monetary policy stance,” said.
India will become $10 trillion economy and achieve growth rate of 10 per cent by 2032, Niti Aayog Chief Executive Officer Amitabh Kant reportedly said.
Moody's Investors Service says that the credit quality of many Chinese property developers rated by Moody's will stay weak in 2016, based on their financial results for the fiscal year ended 31 December 2015.
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