Moneycontrol Bureau
The market is set to re-open after a long weekend as benchmarks remained in a strong uptrend with the Nifty up 30 percent from February lows. Macro data and quarterly results are expected to influence trading this week. The SGX Nifty indicates a tepid start.
Urjit Patel has assumed charge as the 24th Governor of Reserve Bank, succeeding Raghuram Rajan whose three-year tenure ended. Patel has assumed charge effective September 4, 2016, after serving as deputy governor since January 2013, RBI said in a statement today.
Stocks in focus will be Mindtree which has cut its sequential revenue guidance for the second quarter on back of cross-currency movements, project cancellations and continued weakness in its British subsidiary.
Jubilant Foods Q1 earnings disappointed the street. It logged negative same stores sales growth for the first time in seven quarters. Its Q1 profit fell 31 percent and margins too hurt on back of higher rent and other expenses.
Asian shares edged up but were mostly in a holding pattern after Monday's US holiday, as investors awaited a policy decision from the Reserve Bank of Australia. European stocks touched an eight-month high in choppy trading. MSCI's broadest index of Asia-Pacific shares outside Japan. Australian shares slipped 0.3 percent ahead of the RBA's announcement.Also markets are digesting the oil pact between Russia and Saudi Arabia. The two nations confirmed they had agreed to co-operate to stabilise the oil market and limit output. US markets were shut for the labor day public holiday yesterday.
European stock markets are closed a tad lower following mixed economic data. Trading activity was dented US market holiday. In economic data, markit's final composite purchasing managers' index (PMI) for the euro zone in august was 52.9, a tad below estimates - suggesting that the region lost some economic momentum in august, largely because of a slowdown in Germany. All eyes will be on crucial ECB meet this week.
International Monetary Fund's managing director Christine Lagarde said that consensus at the G20 is that there must be more growth and it must be more inclusive.
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