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Opening bell: Nifty likely to maintain positive momentum

Indian market is expected to continue its positive momentum as the SGX Nifty, an indicator of pre-market opening, was trading around 8583, up close to 19 points.  

Bulls back in the driver’s seat after 8 days of drubbing. Benchmark indices surge almost 2 percent Monday after eight days of drubbing. The Nifty closed around 8500 and the Sensex gained more than 500 points to end the day at 27976.Capital goods, infra and banking stocks see strong buying.

Among global markets, stocks closed more than 1 percent higher amid encouraging talk of stimulus in Asia, as investors eyed the week’s economic data. The Dow gained more than 260 points. The S&P 500 rose more than 1 percent, with energy sector leading. The US 10-year treasury yield traded at 1.95 percent.

In Europe, equities closed sharply higher, having extended gains throughout the session, as investors looked ahead to forthcoming US jobs data.

On data front, euro zone index measuring consumer and business confidence posted a better-than-expected rise for March. The index came in at 103.9, a flash figure for German inflation also showed a slight rebound.

And Asia is in a sweet spot after Beijing unleashed new policy moves to rejuvenate a wobbly property market, Nikkei bounced back as dollar-yen moved to 120.07.

In the currency space, earlier, the dollar was firmer against most of its peers, having posted its biggest one-day rally in over a month against the yen.

Among commodities, crude prices remain under pressure ahead of industry data that is due later today which is likely to show another solid build in the US commercial crude inventories. Brent is now below USD 56 per barrel.

From precious metals space, gold prices trade below USD 1190 an ounce following a rise in dollar

Back home, the government dismisses concerns of telecom companies, telecom secretary Rakesh Garg says there is no justification for a tariff hike, adds the results of the spectrum auction prove that the reserve price was right.

The secretary says he hopes telecos will heed to the government appeal to make an upfront payment of about Rs 15,000 crore by March 31 to help meet the fiscal deficit target.

Market regulator Sebi proposes an alternate listing platform for start ups to raise funds from institutions and high networth individuals (HNIs) within India. The proposal which is aimed at preventing start ups from listing abroad, also states that individual shareholding in these companies has to be below 25 percent.


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