Nifty-Sensex-Pre Market View - 22.08.2019: 09.00 Am
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Pre-Session: Negative start for benchmark indices on cards
22/08/2019 08:33
Indian benchmarks are expected to start the day on a negative note on Thursday.Trends on SGX Nifty also indicate a negative opening for the broader index in India Nifty futures were trading around 10,919-level on the Singaporean Exchange. The Securities and Exchange Board of India's (Sebi's) easing of requirements for foreign portfolio investors (FPIs) will be the biggest factor giving direction to the market today. Sebi said FPIs would no longer be required to meet the ‘broad-basing’ criteria, under which at least 20 investors were required to establish a fund. The market regulator also clarified on the debt-to-equity ratio companies need to maintain to be eligible for buybacks. Market participants will also take cues from the minutes of RBI's August monetary policy committee (MPC) meet released yesterday that showed that all three internal members had voted unanimously for a cut of 35 basis points to support economic growth. On the global front, Wall Street’s main indexes rose on Wednesday as upbeat earnings from retailers pointed to strength in US consumer demand, and held gains after minutes from last month’s Federal Reserve meeting showed policymakers had debated a more aggressive interest rate cut. The Dow Jones Industrial Average rose 240.29 points, or 0.93%, to 26,202.73, the S&P 500 gained 23.92 points, or 0.82%, to 2,924.43 and the Nasdaq Composite added 71.65 points, or 0.90%, to 8,020.21. Asian shares edged ahead on Thursday after Wall Street got a boost from strong retail results, while bonds retreated as US policy makers sounded conflicted on whether to cut interest rates as sharply as markets were wagering. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1%, continuing the see-saw pattern of recent sessions. Japan's Nikkei added 0.4% and Australian shares 0.3%, while E-Mini futures for the S&P 500 rose 0.2%. Back home, the 30-share benchmark index closed at 37060.37 down by -267.64 points or by -0.72 % and then NSE Nifty was at 10918.7 down by -98.3 points.
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