Mumbai, July 11 (IANS) Indian equities markets could be in for a positive opening Monday in view of the strong export data from China allaying doubts about the global economic recovery, and hopes of robust corporate earnings in the first quarter of this fiscal.
Specific stocks, including IT bellwether Infosys, will be in the thick of action, with the results season kicking in Monday. Pharma major Pfizer and compact disc and IT hardware major Moser Baer will be among the first to divulge their last quarterly (April-June) performance.
Benchmark indices last week gained significantly. The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) ended 2.13 percent or 372.59 points up at 17,833.54 points, while the broader S&P CNX Nifty of the National Stock Exchange (NSE) closed 2.2 percent higher at 5,352.45 points.
‘The market has now resumed the upward trending move. The 5,200 should provide a significant support to the market,’ said a note from brokerage firm Bonanza.
Investors around the world will take a sigh of relief after China’s latest export data showed an almost 44 percent jump in June, negating fears of a slowdown.
Policy makers and punters alike will be awaiting the industrial production data for May, which will also be released Monday.
Data released on the production data by the six core industries, crude oil, petroleum, coal, electricity, cement and finished steel, in May showed a growth of 5 percent. The six sectors have a weightage of 26.7 percent on the index of industrial production, which grew by 17.6 percent in April.
The bulls at Indian stock markets will also be hoping that more positive news like the government mulling greater foreign direct investment in retail and aviation streaming in as the companies start announcing their results.
Markets will also have their ears to the ground on the Reserve Bank of India’s decision on key interest rates. Deputy Governor Subir Gokarn will hold a customary meeting with top executives of banks to consider a change in monetary policy.
Other major Asian markets are also set for a firm opening Monday, following the rise in European and US markets Friday.
In the US, the Dow Jones closed 5.28 percent up Friday from its last weekly while the Nasdaq gained 5 percent. The S&P 500 too moved up 5.42 percent.
Among European markets, Britain’s FTSE 100 was up 6.09 percent for the week ending June 9, while its German peer the DAX closed 3.96 percent higher.
The French CAC40 too was up 6.16 percent for the week.
