Markets are likely to edge higher in today’s trade with the Nifty inching closer to the 6,600 levels in today’s trade. The up move is on account of robust FII interest in the Indian equities and positive global cues.
Early indicator, SGX Nifty was up 30 points at 6,641 at 0830 hrs.
In Asia, shares edged higher in early trade on Wednesday on fresh signs of strength in the U.S. economy and diminishing concerns over the diplomatic standoff between the West and Russia.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 percent, with Australia stocks 0.6 percent higher.
Overnight, U.S. stocks ended higher on Tuesday, rebounding from a two-day decline as the hard-hit biotechnology sector regained its momentum and a strong read on consumer confidence increased optimism about the economy.
The Dow Jones industrial average rose 0.56 percent, to close at 16,368. The Standard & Poor’s 500 Index gained 0.44 percent, to finish at 1,866. The Nasdaq Composite Index advanced 0.19 percent, to end at 4,234.
Data showed consumer confidence rose more than expected in March, climbing to its highest level since January 2008. The report was the latest in a string of positive reads on the U.S. economy that supported theories that softness early this year was related to bad weather and not weakening fundamentals.
Stocks to Watch
Jet Airways: Chief financial officer and acting chief executive officer, Ravishankar Gopalakrishnan has quit the airline after a year-and-a-half stint, which saw Etihad’s $ 379 million investment and record quarterly losses.
TCS: Won a multi-million, multi-year deal from GDF Suez, a global leader in the energy sector. The financial details of the deal were not disclosed.
Dena Bank: Raise Rs 366 crore through a preferential allotment of shares to the public sector insurers Life Insurance Corporation of India and General Insurance Corporation.
Oberoi Realty: Emerged the highest bidder for the 25 acres of Tata Steel in Mumbai at Rs 1,155 crore, defeating the second highest bidder by Rs 5 crore.
Federal Bank: Recovered Rs 10 crore till date and is making efforts to get back the remaining dues from Kingfisher Airlines.