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Morning cues: Nifty likely to maintain positive momentum

The Indian market is expected to maintain positive momentum today with the SGX Nifty trading at 8867, up 60.50 points around 7:40 hrs.

The market snapped three-day losing streak on Thursday, reacting to the Indian economy growth forecast by International Monetary Fund (IMF). The broader markets rallied too while metals, oil, select banks, IT and FMCG stocks led the key benchmarks higher.

The 30-share BSE Sensex rose 271.24 points or 0.95 percent to 28930.41 and the 50-share NSE Nifty climbed 76.05 points or 0.87 percent to 8776. The BSE Midcap and Smallcap indices gained 1.2 percent and 0.9 percent, respectively.

Among global markets, the US stocks closed higher as mixed economic data indicated to some investors that the Federal Reserve will not raise interest rates as early as anticipated. The Dow and S&P gained more than 1 percent to trade moderately higher for the year. The Nasdaq extended gains for the year.

Retail sales for February fell 0.6 percent, missing expectations of a slight gain. Meanwhile, weekly jobless claims fell more than expected to 289,000, below the prior week’s 320,000.

In Asia, the Nikkei is trading at a fresh 15-year high.

And in Europe, equities closed largely flat as investors reacted to earnings and considered the implications of the European Central Bank’s newly launched quantitative easing program.

Among currencies, the US dollar fell about half a percent, pausing its recent rally. The euro edged higher to 1.06 levels, up from 12-year lows. 

In commodities, crude prices weaken with both benchmark Brent and Nymex crude giving up gains. Brent crude trades around USD 57 per barrel levels.

From precious metals space, gold prices remain largely unchanged at USD 1160 an ounce.

Back home, the seven-year long wait is finally over. After the debate which lasted nearly three hours, Rajya Sabha passed the Insurance Bill which proposes to raise the FDI limit to 49 percent.

The government did not face much of a resistance as the Congress threw its weight behind the bill even as opposition parties like the Trinamool Congress, DMK and Samajwadi Party staged a walkout.

The government continues to rake in big bucks at the eighth day of the spectrum auctions, garnering over Rs 1 lakh crore.

Delight and despair for the macro-economy after the factory output in January accelerated by 2.6 percent raising hopes of a recovery. But inflation also spurts in February dashing hopes of a near-term rate cut.

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