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12 cues you shouldn't miss out on before initiating trade

Published on Thu, Sep 02, 2010 at 08:05 | Source : Moneycontrol.com

Updated at Thu, Sep 02, 2010 at 08:51

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12 cues you shouldn't miss out on before initiating trade

Good Morning! The US markets had a big pop up yesterday. Our markets saw it coming, which is why it was such a strong day out here leading upto 5470. It was partly picked up by Asia as well. All in all, it is a good morning of trade out here across the region and India should start in the green as well.

It's a rally on Wall Street . US stocks surge, the S&P 500 bounces back above 1050 levels, near its 50-day moving average. Strong US and Chinese manufacturing data triggered the gains.

And in economic data, the August ISM Manufacturing Index, which came in at 56.3-its increase from 55.5 from July was way better-than-expectations of a decline to 52.9. Construction spending, meanwhile, slumped one percent in July, the lowest level in 10 years.

Also, a report from ADP and macroeconomic advisors showed the private sector lost 10,000 jobs from July to August largely due to a drop of 40,000 jobs in the goods-producing sector.

US auto sales too suffered in August . Ford's fell 7.1% year-on-year and general motors sales slipped 7.3% among their core brands.

In key data to watch out today

Initial jobless claims is expected to decline to 470000 compared to 473000 the previous week, which saw the second biggest decline of the year. However much of this expected decline probably reflects the expiration of benefits.
July factory orders are expected to rise to 0.3% after it dipped to negative territory in June.
Pending home sales & chain store sales numbers are the other key data to watch out for

European markets rose at their fastest pace in three months, supported by strong manufacturing data from the United States and China.

The green back drops & the Dollar Index sees its worst single-session slide in a month but oil jumps nearly 3% & copper rallies on higher than expected manufacturing growth in US & China.

And back home, it was a strong session for our markets. A late surge helped the Nifty close above the 5450 mark. High beta like metals and realty stocks led the rally. Here's a more detail .

The Q1 GDP at market price has been restated to 10.02% from 3.7% earlier. According to the ministry of statistics, the revision is on account of wrong calculation of GDP deflators. There was an inadvertent use of deflators in Q1 expenditure estimate. However according to the ministry, the GDP at factor cost has been estimated correctly at 8.8%

Bharti enterprises chairman Sunil Mittal indicated that he was not aware of any plan by Vodafone to sell its balance stake in the company, even as he said that Zain Africa will be rebranded by October.

In other business news Rishad Premji, the son of Wipro chairman Azim Premji has been appointed chief strategy officer of Wipro's IT business . He is currently general manager of the company's treasury and investor relations division. This is not the only change at the IT company. KR Lakshminarayana has been appointed the chief endowment officer of the trust set up to fund the Azim Premji's philanthropic activities.

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