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Last Updated : Aug 31, 2016 08:20 AM IST | Source: Moneycontrol.com

Market may be flat, Q1 GDP seen at 7.5%; RBL Bank to list shares

RBL will be make its market debut today. It is first private bank to hit capital market since YES Bank in 2005. The issue was sunscribed over 69 times. Issue price fixed at the upper end of price band of Rs 224-225 per share.


Moneycontrol Bureau


After scaling new one-year high on Tuesday, it will be crucial for the market to hold high levels. The market shows early signs of a breakout of 8500-8700 range. SGX Nifty indicates a flat to negative opening. Pick up in gross FIIs volumes is seen as foreign instituional investors (FII) have gross bought Rs 4118 crore yesterday.


The 30-share BSE Sensex was up 440.35 points or 1.58 percent to end at fresh 13-month closing high of 28343.01. The 50-share NSE Nifty rose 136.90 points or 1.59 percent to 8744.35, the highest closing level since April 15, 2015.

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RBL will be make its market debut today. It is first private bank to hit capital market since YES Bank in 2005. The issue was sunscribed over 69 times. Issue price fixed at the upper end of price band of Rs 224-225 per share.


While domestic economic drivers are looking up with good monsoons adding a positive note, achieving a double-digit growth rate would be possible only when the global environment is equally supportive, said Finance Minister Arun Jaitley speaking at the 11th edition of CNBC-TV18's India Business Leader Awards (IBLA). Jaitley said there are initial indications of inflation coming off and therefore, it is only logical for people to hope for an interest rate cut. The final decision, however, rests with the Reserve Bank of India.


On chances of the Union Budget being announced earlier than the usually slated February date, Jaitley said the proposal is still under active consideration and there is good case for advancing it but the decision will take time as it is a long process. (Read full interview).

Q1 GDP estimated at 7.5 percent versus 7.9 percent while Q1 GDP estimates at 7.5 percent versus 7.5 percent year-on-year. The range is seen between 7.4-7.7 percent, according to a CNBC-TV18 poll.

Global markets 

Asian shares eased following modest losses on Wall Street, but were still on track for a monthly rise as investors waited to see if upcoming job data could prod the Federal Reserve into raising interest rates as soon as September.


MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 percent as traders awaited Friday's job report, but looked set for a near 2 percent gain in August.


Japan's Nikkei stock index added 0.9 percent, poised to rise 1.8 percent for the month, as it got a boost from a weaker yen after upbeat US data lifted the dollar overnight.


The S&P 500 fell for the fourth time in five sessions, but was still within 1 percent of its record closing high set earlier this month. Cyclical sectors, which are expected to perform better in an expanding economy, have taken the lead in the past few weeks as economic data paints a rosier picture of the US economy.


US consumer confidence rose to an 11-month high in August, with households more upbeat about the labor market. Payrolls data on Friday could strengthen the case for higher US interest rates, as has been hinted over the past week by Federal Reserve officials.


The dollar was steady at 102.93 yen after rising as high as 103.14 yen overnight, its strongest since July 29. It was up 0.9 percent for the month.



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First Published on Aug 31, 2016 07:53 am
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