The S&P CNX Nifty, or Nifty, is the benchmark index of the National Stock Exchange of India (NSE).
Overnight emerging markets remained cautious, holding out hope for any clues that China or the U.S. will initiate additional easing. Markets last night were mostly in the red with emerging markets giant China and Hong Kong in the green.
Asian emerging markets ended the day mixed even after Chinese Premier Wen Jiabao talked about the growing need for the People’s Bank of China to intervene. Hong Kong equities remained strong until late afternoon when the Hang Seng dropped and closed over 89 points to the downside.
Overnight emerging markets trading was interesting to say the least. With multiple straight down sessions in a row and Japan’s NIKKEI suffering the most — five straight sessions to the downside — market participants began to pick through the rubble after strong earnings from Caterpillar (CAT, quote) and Boeing (BA, quote).
China’s manufacturing data recovered somewhat in July, climbing to a five-month high of 49.5 compared to 48.2 for the previous reading in June and giving nervous emerging markets a bit of confidence that not everything in the global economy is bad.
Asian markets moved lower during the overnight session led by Japanese utilities and financials. One bright spot was Hong Kong’s telecom sector, which rallied strongly enough to allow the Hang Seng Index to close higher by 0.42%.
German health care firm Fresenius SA is shifting its business model from the declining U.S. & European markets to address emerging markets health care needs.
The overnight Asian session saw equities jumping higher across the board led by the tech sector and better than expected U.S. housing starts.
Overnight markets gave back most of their gains as sentiment darkened. Hopes for a new round of quantitative easing to spur growth quickly faded after Federal Reserve Chairman Ben Bernanke’s written statement did not contain a clear path to QE3.