Nifty-Sensex-Pre Market View - 05.09.2019: 09.00 Am
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Pre Session- Sensex, Nifty to open on a positive note
05/09/2019 08:32
The Indian benchmark indices are likely to open higher on Thursday. Trends in the SGX Nifty Index Futures for September delivery, which were trading at 10,885.00, up by 27.50 points or 0.25 per cent, at 11:02 AM, Singapore Time, also indicated a positive start for local bourses. Investors worry about the slowdown in the domestic economy as global cues, rupee's trajectory, oil price movement, and stock-specific action will influence market direction today. US stocks rebounded on Wednesday, after robust economic data from China, easing tensions in Hong Kong and British lawmakers’ approval of a law to delay Brexit provided relief to investors worried about global growth. The Dow Jones Industrial Average rose 237.45 points, or 0.91%, to 26,355.47, the S&P 500 gained 31.51 points, or 1.08%, to 2,937.78, and the Nasdaq Composite added 102.72 points, or 1.3%, to 7,976.88. Asian stocks perked up on Thursday, as apparent progress in the political crises in Britain and Hong Kong gave investor confidence a shot in the arm, with easing fears of a hard Brexit lifting the battered pound. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.24%. Japan's Nikkei jumped 1.09% and Australian markets rose 0.33%. On the currency front, the Indian rupee clawed back some lost ground on September 4, gaining 27 paise to settle at 72.12 against the US dollar in line with a recovery in domestic equities. On the macro front, the Reserve Bank of India on September 4 asked banks to link all new floating-rate loans for housing, personal and micro, small and medium enterprises (MSMEs) to specified external benchmarks, including repo, for faster transmission of reduction in interest rate to borrowers. It has been observed that due to various reasons, the transmission of policy rate changes to the lending rate of banks under the current marginal cost of funds based lending rate (MCLR) framework has not been satisfactory, RBI said in a statement. "The RBI therefore has issued a circular making it mandatory for banks to link all new floating rate personal or retail loans and floating rate loans to MSMEs to an external benchmark effective October 1, 2019," it said. Back home, the 30-share benchmark index ended at 36724.74 up by 161.83 points or by 0.44 % and then NSE Nifty was at 10844.65 up by 46.75 points.
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