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Nifty may open soft amid mixed Asian trade

Investors will also react to a comprehensive public sector reform initiative introduced by the Narendra Modi government Friday as well as digest the tone and content of the Prime Minister’s speech on Saturday to look for cues on policy.

TheNewsInternational Team

Indian equities may be off to a weak start Monday, following mixed trade in Asia amid following a waft of macro data that emerged from both Japan and US over the weekend.

Investors will also react to a comprehensive public sector reform initiative introduced by the Narendra Modi government Friday as well as digest the tone and content of the Prime Minister’s speech Saturday to look for cues on policy.

In Singapore, the SGX Nifty was down 0.08 percent down to 8,539, indicating a similar trend for the Indian Nifty.

In macro data, the Japanese economy was shown shrinking 1.6 percent in the June quarter (compared to a -1.9 percent estimate by Reuters), leading to a mixed trade in Asia.

But locally, PSBs will be in focus after the government introduced a state bank reform programme it called the most significant since they were nationalized in the late 60s.

The PM’s speech, where he outlined the government’s stance on a lot of issues such as black money will also be in focus but the lack of any major policy announcements, unlike the speech last year, may worry some in India Inc.

In other data, exports dived for the eight straight month, driving the trade deficit to over USD 12 billion.

As well, the yuan may also be in focus after China devalued the currency twice in a row, attributing the move to a shift in its calculation method.

Among local stocks, a slew of firms that reported earnings Friday evening will be in focus: such as Cipla, Reliance Communication and Punj Lloyd among others.

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