Sensex, Nifty leap to new record highs on funds inflow
- Author: Regina Walsh May 16, 2017,
May 16, 2017, 9:26
Indian shares may open largely unchanged on Tuesday, with banking and realty stocks likely to remain in focus, after HDFC and ICICI Bank cut home loan rates to match the rates offered by rival SBI.
However, India's factory output growth slowed to 2.7 per cent in March on the back of poor manufacturing performance in the new Index of Industrial Production (IIP) with revised base year of 2011-12. The wholesale price inflation eased to 3.85% in April, from 5.29% in March, another data showed. Its gross non-performing assets as a percentage of total advances is likely to come in at 13.1 per cent compared with 13.7 per cent in th previous quarter.
Tata Steel, Sobha, Andhra Bank, DIshman Pharma, Dhanlaxmi Bank, Oracle Financial, Symphony and Whirlphool are some of the BSE-liste d companies scheduled to report quarterly earnings on Tuesday. At 9.24 a.m, the Sensex was trading up 104.52 points or 0.34% at 30,426.64 with 21 components gaining. Asian Paints was the worst Sensex performer.
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Oil prices extended overnight gains and gold prices also inched higher as the dollar languished near one-week low following weak manufacturing data. Jindal stainless also rose, to its highest its highest in nine years, by 6% to 83.40 during the day.
On the economic front, housing and regional manufacturing data painted a mixed picture of the economy. The spurt was also triggered by a 1.5% rise in oil prices after Saudi Arabia and Russian Federation announced that the cut in crude oil production will be extended till March 2018. IT, FMCG, oil & gas indices were up between 0.5-0.8 per cent each. The German DAX and the U.K.'s FTSE 100 both inched up 0.3 percent while France's CAC 40 index rose 0.2 percent.