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Opening bell: Nifty likely to continue trading in green

The Indian market is likely to continue its winning streak and open in green on Wednesday with the SGX Nifty trading at 8412, up 11.50 points around 8:00 hrs. On Tuesday, though the market remained in consolidation phase, the NSE benchmark ended at fresh closing high again supported by banking and financials.

The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.7 percent and 0.24 percent, respectively. Sensex climbed 35 points to 27910.06 at close and the 50-share NSE Nifty rose 18.40 points to 8362.65.

In key macro data to watch for today, a CNBC-TV18 poll sees October CPI at 5.63 percent versus 6.46 percent for September. This will be another new low for the index since the new index started in January 2012. Meanwhile, September IIP is seen at 2 percent against 0.4 percent in August.  

The US markets closed marginally higher with both the S&P 500 and Nasdaq composite hitting record highs.

Europe too ended in the green after fluctuating throughout the day. Vodafone was the top gainer on the FTSE 100 after the group nudged its full-year earnings forecast higher after reporting a sharp improvement in quarterly revenue.

Meanwhile, Asian markets are mixed in morning trade with Japan’s Nikkei hitting a new 7-year high.

In the currency space, the yen hovers around seven-year low against the dollar early on reports that Prime Minister Shinzo Abe will call a general election in December. The rupee is currently trading at 61.55, up 0.07 percent against the USD.

In commodities, Brent crude prices trade around USD 81 per barrel after falling on Tuesday to USD 80.46, the lowest level since September 2010.

From precious metals space, gold prices steady as demand for physical metal picked up after the previous day’s 2 percent slide.

Back home, the consensus remains elusive over the goods and services tax (GST) after the state finance ministers gather in the capital as centre gears up to amend the constitution this month.

The ministers could not reach to any agreement on setting a threshold for exemptions. The chairman of the panel says GST bill will face a big hurdle in Rajya Sabha.

In key earnings today, Tata Steel’s topline may decline 2 percent due to weak European volumes though Indian volumes will be marginally higher. Profits may decline 35 percent owing to higher effective tax rate at the consolidated level. JP Associates and Eicher Motors will also declare their numbers today.

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