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Global cues mixed, Nifty likely to open marginally in green

The News International Team

The Indian equity market is likely to open trade on a marginally positive note with the SGX Nifty, an indicator of the market opening, trading at 8581, up 4 points.

In the US, stocks rallied into the close, with the Dow and S&P 500 ending the day at records amid encouraging economic reports.

And in Europe, shares closed higher on Wednesday, amid expectations that further European Central Bank stimulus measures would be announced at its policy committee today.

Meanwhile, Asian markets are trading with gains this morning. Nikkei has climbed to yet another 7-year high while the yen weakened to a new seven-year low of 119.89 per USD.

In the currency space, the euro fell to two-year lows on expectations the European Central Bank will be forced to inject even more stimulus to a sputtering euro zone economy.

In commodities, Brent crude hovered near USD 70 per barrel buoyed by positive inventory data. Investors turned their focus to us jobs data due today and Friday for clues on the strength of demand in the US.

From precious metals space, gold rose above USD 1,200 an ounce, boosted by firmer oil prices that prompted investors to shuffle positions in a volatile market.

Back home, it was another consolidation day for equity benchmarks on Wednesday but the broader markets outperformed frontline indices throughout the session. The 30-share BSE Sensex fell 1.30 points to 28442.71 while the 50-share NSE Nifty rose 12.95 points to close at 8537.65. The BSE Smallcap Index gained 1.6 percent. ( More details )

The divestment drive is all set to finally kick off, as government will sell 5 percent stake in sail this Friday. But the ONGC divestment will not happen this year due to lack of clarity on subsidy sharing.

In the interim, Hindalco gears up for a mega debt restructuring drive as it seeks to recast its debt of Rs 63,000 crore in three phases, over the next one year.

On corporate radar, cigarette makers can heave a sigh of relief, as government puts its proposed ban on the sale of loose cigarettes on hold. Sources say a final decision will be taken after consultations with tobacco farmers.

The biggest change India has seen is return of confidence both at institutional and government level, says Mukesh Ambani. He believes India will beat china to become the fastest growing economy in a couple of years.

Meanwhile, Bank of America’s chairman Brian Moy-Nee-Han also believes that India’s growth prospects look brighter under the new government.


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