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Nifty likely to open in green ahead of earnings season

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 8316, up 62 points.

In the US, stocks surged for a second day on Thursday, with benchmarks turning higher for the year, as oil steadied. The CBOE volatility index fell nearly 12 percent to 17.01.

And in Europe, stocks surged to close almost 3 percent higher after European Central Bank president Mario Draghi reiterated yesterday that the central bank was ready to start “full-blown” quantitative easing.

In a letter made public, Draghi said the governing council would closely monitor the “risks to the outlook for price developments over the medium term”.

In the currency space, the euro extended losses to trade near a nine-year low, as investors bet the European Central Bank was getting closer to adopting quantitative easing to ward off deflation. Also a slump in German industrial orders in November reinforced bearish views of the single currency.

In commodities, crude prices held steady led by better-than-expected US jobs data. Nymex crude was above USD 49 while Brent crude was trading above USD 51 per barrel.

From precious metals space, gold was flat as expectations that the Federal Reserve would exercise patience in raising interest rates left US bond yields flat.

Back home, the bulls clawed back on Dalal Street to snap a 3-day losing streak, as Sensex surged over 350 points to reclaim 27,000 while Nifty also got back above 8,200. ( Read more )

Meanwhile, earnings season kicks off today with Infosys reporting its third quarter numbers. A CNBC-TV18 poll sees dollar revenue rising by a percent. Profit after tax may rise 1.9 percent to Rs 3,157 crore. Expect FY15 guidance to be cut to 6-8 percent from 7-9 percent.

SEBI moves to make follow-on-public offers and rights issues more attractive, as it floats a discussion paper to ease the rules and help companies access the market directly without filing the draft offer document.

In other news, former promoter of SpiceJet Ajay Singh submits a preliminary revival plan to the government. Sources say a final plan is coming soon as they promise to pump in some funds before the January 10.

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