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Another positive start: Nifty likely to test 7400 at open

Moneycontrol Bureau

Indian shares are likely to open strong today, tacking on to a 2-day rally that, along with the intra-day recovery seen on Budget, has seen the Sensex zoom about 1600 points from this week’s low.

At the time of writing, the SGX Nifty was trading 0.8 percent, or 60 points, higher to 7,420.

Cues are expected to remain positive, with Wall Street logging a mildly positive close overnight and as economic activity was seen firming up in the world’s largest economy. Asian markets are trading broadly higher though traders would look forward to Friday’s release of non-farm payrolls data.

Crude oil rose too, amid reports that hinted at production in US shale tapering off further, while the US dollar rose to a one-month high.

Locally, stocks that will be in focus include Future Retail, which sources said had tied up with Trent Hypermarket to distribute private FMCG labels, railways stocks (the Cabinet approved a cooperation pact between railways and Japan) and NHPC, after it said that its Teesta low dam HE project stage IV was now commercially operational.

Bank stocks will also be in focus after the CBI said it was putting in place a working group in collaboration with banks.


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