5 things you should know before market opens on Tuesday
Benchmark BSE Sensex gained 108.63 points on Friday and settled at fresh 16-month high of 28532.11 and the Nifty 50 index regained 8,800-mark on account of buying in auto stocks due to upbeat August Sales data amid firm global cues. The Nifty index closed 35 points up at 8809.65 on Friday.
Below are 5 things you should know before the market opens on Tuesday:
1) Nifty futures on the Singapore Stock Exchange (SGX Nifty) were trading 0.50 points down at 8,907, indicating a flat start of domestic equity markets.
2) Asian markets were trading mixed in the morning trade on Tuesday. Shanghai and Hang Seng were down by 0.30 per cent and 0.01 per cent, while Nikkei was trading higher by 0.29 per cent.
3) US equity markets advanced on Friday as a weaker-than-expected payrolls report lowered the expectations for a September rate hike from the US Federal Reserve. The Dow Jones Industrial Average gained 72.42 points to 18,491.72 on Friday, the S&P 500 advanced 9.12 points to 2,179.98 and the Nasdaq Composite climbed 22.69 points to 5,249.90.
4) Stocks in focus: NBCC and Tata Motors will remain in focus on Monday. NBCC has bagged projects worth Rs 614.83 crore in August, while the company secured business of Rs 344.72 crore in July. Tata Motors will remain in focus as the company expects its British arm Jaguar Land Rover (JLR) to benefit from post-Brexit weak pound in the long term despite getting a heavy hit in the first quarter of this fiscal due to adverse foreign exchange. The company, which witnessed a 57 per cent plunge in consolidated net income at Rs 2,236 crore in the first quarter, is bullish that with 80 per cent of its sales coming from overseas markets it stands to benefit from a weaker pound. Ratings agency Fitch also upgraded Tata Motors-owned Jaguar Land Rover’s (JLR) long-term foreign-currency issuer default rating and senior unsecured ratings to ‘BB+’ from ‘BB-‘ with stable outlook.
5) Urjit Patel took charge as the 24th governor of the Reserve Bank of India with several immediate priorities, including clean up of banks and containing inflation without hurting growth. Patel assumed charge effective September 4, 2016, after serving as deputy governor since January 2013, the apex bank said in a statement on Monday.
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