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Mkt in no hurry to lose winning streak; may open in green

The News International Team

The Indian equity market is likely to open on a steady note. The SGX Nifty, an indicator of the market opening, was trading at 8247, up 53 points at 7:45.

Major indices hit record highs as the bulls went on a rampage. The Sensex gained nearly 300 points and the Nifty inched closer to 8,200 while turnover crossed the 10 lakh crore mark for the first time. ( More details )

In important earnings today, FMCG major ITC may see a 16 percent revenue growth while profits may see a 10 percent growth; cigarette volumes are expected to remain under pressure.

From auto space, M&M may see a 4 percent revenue growth on a standalone basis. In addition, NMDC reports its earnings today.

In other news, the government moves faster with the goods and services tax, as commerce minister tells CNBC-TV18 that the constitutional amendment bill to facilitate GST will be tabled in the upcoming winter session of Parliament next month. Sitharaman also says the Centre is ready to tweak the land acquisition act but no changes to the compensation clause.

In global markets, US stocks jumped with visa helping lift the Dow industrials into the green for October, after data showed the US economy grew more than expected last quarter.

And in Europe, stocks closed higher after a bumpy day of trading, as investors pondered the US Federal Reserve’s next move.

In the currency space, the dollar held at four-week highs against a basket of major currencies, getting another boost from encouraging growth data, a day after the Federal Reserve gave an upbeat assessment on the economy.

In commodities, Brent crude was marginally lower as traders saw little chance of OPEC cutting output at its November meeting.

From precious metals space, gold traded around USD 1200 an ounce its lowest level in nearly 4 weeks.


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