Nifty-Sensex-Pre Market View - 11.09.2019: 09.00 Am
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Pre Session- Indian benchmark indices to open higher on Wednesday
11/09/2019 08:27
The Indian benchmark indices are likely to open higher on Wednesday amid strong global cues. Trends in the SGX Nifty Index Futures for September delivery, which were trading at 11,020.50, up by 49.50 points or 0.45 per cent, at 10:52 AM, Singapore Time, also indicated a positive start for local bourses. Investors think that the global cues, oil price movement, rupee trajectory, foreign fund flow, and stock-specific development will influence the market direction today. US stocks ended a little changed on Tuesday, with a rally in energy and industrial shares countering a drop in the technology and real estate sectors as investors favoured value over growth. The Dow Jones Industrial Average rose 73.92 points, or 0.28%, to 26,909.43, the S&P 500 gained 0.96 points, or 0.03%, to 2,979.39 and the Nasdaq Composite dropped 3.28 points, or 0.04%, to 8,084.16. Stocks in Asia held firm and bond yields rose on Wednesday as hopes of diminishing US-China tensions and reduced risk of no-deal Brexit prompted investors to take profit in risk-off trade ahead of key central bank policy meetings. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.10% while Japan's Nikkei rose 0.32%. On the currency front, the rupee pared initial gains to settle almost flat at 71.71 against the US dollar on Monday as rising crude oil prices kept investors edgy. On the macro front, the Reserve Bank of India mandating banks to link certain loans to the external benchmark-based interest rate from October 1 is credit negative to the lenders as it will limit their flexibility in managing risks, Moody's Investors Service said on Tuesday. The central bank has so far this year cut interest rate by 110 basis points but lenders have transmitted only a part of it to borrowers in the form of a lower cost of taking loans. Nirmala Sitharaman, the Finance Minister has said the government would respond to the demands of the automobile industry, which is facing the worst slump in two decades. Sitharaman said that any call on a possible rate cut on cars would be taken by the GST Council at its meeting in Goa next week. Back home, the 30-share benchmark index ended at 37145.45 up by 163.68 points or by 0.44 % and then NSE Nifty was at 11003.05 up by 56.85 points.
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