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Nifty may open in green; keep an eye on JSPL,Hindalco

Stocks in the US jumped about 1 percent to close near highs on Friday, continuing several days of alternating gains and losses as investors weighed a weaker dollar.

The Indian equity market is likely to open in the green with the SGX Nifty trading in green, up 2.50 points at 8615.00 at around 7.40 am in the morning.However, both the Sensex and Nifty on Friday had slipped 0.7 percent lower to 28,261 and 8571 levels respectively, as investors took profits off the table. Broader market was hit harder as BSE mid-cap and small-cap indices took a knock of 1.6-3 percent.

Meanwhile, stocks in the US jumped about 1 percent to close near highs on Friday, continuing several days of alternating gains and losses as investors weighed a weaker dollar. The Dow Jones Industrial Average and S&P 500 broke three weeks of consecutive losses to post gains of more than 2 percent for the week

European equities too closed higher, with the FTSE 100 provisionally up 0.8 percent, above 7,000 for the first time.

From the currency space, the dollar slipped across the board pulled lower by expectations that US interest rates will rise more slowly than previously expected.

Crude prices from the commodity space decline as Saudi Arabia’s oil minister said that OPEC will not take sole responsibility for propping up the oil price.

From precious metals space – gold prices rose to USD 1185 an ounce following weakness in dollar.

Back home some of the stocks that could be in focus are JSPL, Usha Martin, Hindalco, Jaypee Cements and Adani Power.

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