Pre Market Report : 03.01.2019
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Pre Session: Indices likely to open higher, PSU banks eyed
03/01/2019 08:51
The Indian benchmark indices are likely to open higher on Thursday following positive trend seen in other Asian markets. Mixed Asian cues, concerns over slowing global economy, fluctuating crude oil prices and rupee movement are likely to sway on Thursday. The rupee on Wednesday crashed by 75 paise, its first loss in last four sessions, to close at 70.18 against the US dollar amid strengthening of the greenback and heavy selling in domestic equities. Oil prices fell on Thursday amid volatile currency and stock markets, and as analysts warned of an economic slowdown for 2019 just as crude supply is rising globally. The shares in Asia fell on Thursday and US stock futures dropped sharply after Apple Inc cut its revenue forecast due in part to weaker sales in China, adding to concerns about the slowing global economy. Wall Street edged nominally higher on Wednesday after stumbling out of the starting gate on the first trading day of the new year, as fears of a global economic slowdown were exacerbated after Apple Inc cut its current quarter revenue forecast. A meeting between US congressional leaders and President Donald Trump on Wednesday yielded no sign of an agreement to end a partial government shutdown, now in its 12th day, as the president stuck to his demand for $5 billion in funding for a border wall. Back home, bullish trends in the SGX Nifty Index Futures for January delivery, were trading at 10,851.50 up by 19.50.
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