Market Outlook for the day – Volatility is expected to remain high, short term traders are advised to hedge their positions to avoid unmanageable losses.
India Meteorological Department (IMD) remains hopeful that rainfall can revive in July and August, the wettest phase of the four-month monsoon, shrugging off the increasing number of warnings from foreign and private forecasters that chances of a drought have increase in the season that already has a 43 per cent rain deficit since June 1. The India Meteorological Department (IMD) feels it's too early to panic as crops such as cotton, paddy, oilseeds and pulses can be sown until the middle of July.
Manufacturing and services sectors in India expanded at a faster pace than China during June while emerging market output registered the strongest upturn in business activity since March quarter of 2013, an HSBC survey said.
Hero MotoCorp Ltd, is expanding its reach to Latin America by constructing a manufacturing plant in Colombia. The company will invest $78 million in the venture, of which $38 million would be capex with the rest being working capital.
The Sensex and Nifty rose nearly 0.5 per cent on continued buying by foreign funds and retail investors in anticipation of a pragmatic budget. Markets are witnessing a pre-Budget rally amid expectations that Finance Minister Arun Jaitley will announce measures in the Budget aimed at bolstering economic growth. IT stocks rose as rupee edged lower against the dollar, with TCS hit record high. Capital goods stocks gained on renewed buying. Among auto shares, Tata Motors scales record high. The market breadth indicating the overall health of the market was positive.