Market may continue to gain; Endurance to list shares on bourses

Among global markets, Asian shares inched ahead after Wall Street got a lift from encouraging corporate earnings and investors wagered an imminent barrage of Chinese data would confirm the economy had at least stabilised.
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Oct 19, 2016, 08.07 AM | Source: Moneycontrol.com

Market may continue to gain; Endurance to list shares on bourses

Among global markets, Asian shares inched ahead after Wall Street got a lift from encouraging corporate earnings and investors wagered an imminent barrage of Chinese data would confirm the economy had at least stabilised.

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Market may continue to gain; Endurance to list shares on bourses

Among global markets, Asian shares inched ahead after Wall Street got a lift from encouraging corporate earnings and investors wagered an imminent barrage of Chinese data would confirm the economy had at least stabilised.

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Moneycontrol Bureau

The market may continue its rally Wednesday as the SGX Nifty indicates a positive start while global cues are supportive.

Yesterday, after a brief hiatus the bulls were back with a bang on Dalal Street. The Sensex surged over 500 points in a biggest single-day gain in last 17 months. The Nifty got closer to 8700 mark. Banks were the stars in trade as all the 12 Nifty bank stocks ended with gains and the index rallied over 2 percent.

Among global markets, Asian shares inched ahead after Wall Street got a lift from encouraging corporate earnings and investors wagered an imminent barrage of Chinese data would confirm the economy had at least stabilised.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.4 percent, on top of a jump of 1.4 percent on Tuesday. Australian shares firmed 0.4 percent, while Japan's Nikkei dithered either side of flat.

All eyes were on the Chinese gross domestic product (GDP) report due at 0200 GMT. While there are some doubts about the reliability of the data, markets tend to take them on face value.

Wall Street advanced on Tuesday to give the S&P 500 its best day this month on the heels of solid earnings reports from names such as UnitedHealth and Netflix that put corporate profits on track to snap a four-quarter streak of declines.

The Dow Jones industrial average rose 75.54 points, or 0.42 percent, to 18,161.94, the S&P 500 gained 13.1 points, or 0.62 percent, to 2,139.6 and the Nasdaq Composite added 44.01 points, or 0.85 percent, to 5,243.84.

Back home, GST council discussed multiple tax rates under the new tax regime. Minimum tax rate of 6 percent and maximum of 26 percent are under consideration while an additional cess on luxury goods could be on the cards. Finance Minister Arun Jaitley says all states are in agreement over the compensation formula.

India’s monetary policy committee charts a new brave path as minutes of the first meeting reveal all members adopting a dovish stance, expecting inflation to remain at 5 percent by the end of this financial year.

Hindustan Zinc Q2 earnings is seen improving on a sequential basis due to higher production and prices. KPIT Tech is expected to post a tepid quarter.

Endurance Technologies is set to list on exchanges today issue price been fixed at Rs 472 per share.

Among asset classes, the US dollar was mixed as investors took some profits from the greenback's recent strength and evaluated whether the Federal Reserve is likely to raise interest rates later this year.

Crude oil prices were higher, as the dollar relinquished early gains and expectations of OPEC output curbs lifted crude futures from session lows.

Gold prices logged highest settlement level in nearly two weeks, as strength in the British pound helped the US dollar ease back from recent multi-month highs. However, receding worries about the outcome of the US election and expectations of US rate rises in December could limit upside going ahead.

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Market may continue to gain; Endurance to list shares on bourses

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