10:20 am FII View:
Ian Hui, Global Market Strategist, JPMorgan Asset Management talking about the impact of US Presidential pre-elections debate on the global market, said if Hillary Clinton comes into power then markets may take it more favourably than if Donald Trump comes into power because she is expected to carry forward US President Barack Obama’s policies.
The statements per se are unlikely to impact global markets majorly. The debate took place at Hofstra University, New York.
When asked if he thinks emerging markets are likely to see protracted corrections going forward, he said it all depends on the different data points coming out of China – whether China will stabilise, the outlook on commodity prices, and outcome of the OPEC meeting to decide on production freeze, plus the lack of unconventional surprise by the Bank of Japan – all this could drag the markets a little lower.
However, amongst the EMs, the house has a positive outlook on India.
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10:00 am Market Check
Equity benchmarks were marginally higher amid consolidation in morning trade, led by short covering in technology, pharma, auto and select banks stocks.
The BSE Sensex was up 54.16 points at 28348.44 and the NSE Nifty up 19.20 points at 8742.25 while the broader markets outperformed benchmarks on positive breadth.
About two shares advanced for every share declining on the Bombay Stock Exchange.
TCS, Infosys and Coal India were top gainers on the Sensex, up 1-1.5 percent whereas ICICI Bank and Bharti Airtel fell further.