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Nifty to continue winning streak, open in green

The Indian market is likely to continue its winning streak with the SGX Nifty trading in green, up almost 60 points to 8232 early Friday morning. The positive momentum may be due to anticipation of more reforms from the government.

The Indian market is likely to continue its winning streak with the SGX Nifty trading in green, up almost 60 points to 8232 early Friday morning. The Nifty added over 100 points to close above 8,150 yesterday. The positive momentum may be due to anticipation of more reforms from the government.

The market will watch for – the mid-year review of the economy scheduled for today. Expectations are that the review could see the range of gross domestic product (GDP) growth estimates being cut from 5.4-5.9 percent, to 5.4-5.7 percent.

The streets will also want to hear how the government plans to meet its stiff fiscal deficit target of 4.1 percent of GDP by the end of the year.

Among global markets, stocks in the US surged with the Dow rising the most since 2011 and the S&P 500 index capping its best two-day gain in three years as global equities rallied on the Federal Reserve’s pledge to be patient on boosting rates. The CBOE volatility index lost 14 percent to 16.81.  The VIX has plunged 29 percent over two days, the most since January 2013.

And in Europe, shares closed sharply higher with global sentiment boosted after the US Federal Reserve said it had confidence in the economy.

In Greece’s first round of a snap presidential election, the prime minister’s preferred candidate failed to gain 180 votes he needed to win. The second and third round of voting will take place before January 2015.

In Russia, Moscow’s MIC-EX index was up as much as 6 percent yesterday. The ruble steadied against the dollar as Putin spoke following a volatile start of the day. The battered currency eased back to around 61 against the dollar.

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