Equity

Pre Session Commentary

Negative Asian cues may put pressure on stocks
(03-Jul-2018, 07:49 Hours IST)  

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 9.5 points at the opening bell.

Overseas, most Asian shares declined as worries over US trade policy lingered in the background. A looming 6 July 2018 deadline is set to see the US impose a 25% tariff on $34 billion worth of Chinese goods from more than 800 product categories. China has also announced that it will retaliate with duties on the same value of US products.

In US, shares reversed early losses to finish higher on the back of a rally in technology shares. However, worries over trade tensions between the US and its major trading partners lingered, weighing on investors' sentiment. A trade war is seen as providing a significant headwind to global growth.

On the US data front, a read on June manufacturing from Markit came in at 55.4, compared with a preliminary reading of 54.6. Separately, the Institute for Supply Management's manufacturing index rose to 60.2% in June from 58.7%. A read on construction spending rose 0.4% in May.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1205.12 crore yesterday, 2 July 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 366.94 crore yesterday, 2 July 2018, as per provisional data.

A pullback in second half of the day's trading session helped the key benchmark indices cut steep intraday losses triggered by weak global cues yesterday, 2 July 2018. The barometer index, the S&P BSE Sensex, fell 159.07 points or 0.45% to settle at 35,264.41. The Nifty 50 index fell 57 points or 0.53% to settle at 10,657.30.

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