Markets set to see a steady start

Indian Indices:

SGX Nifty directs a positive opening for the domestic bourses for today’s trade. SGX Nifty is trading 49.00 points higher.

After the benchmark averages gaining more than 5% during the last week’s trading sessions, the Indian markets are likely to witness more upside if global trend and the mood of foreign institutional investors are any indication.

Sugar stocks are likely to extend gains amid speculation of rising duty on imported sugar. Oil stocks rallied sharply last week on hopes of a hike in gas prices.

The performance of IT stocks will depend on the rupee’s movements against the greenback. Metal stocks may continue to find support.

Indian markets surged by 1.5% to mark record highs as blue-chips including oil and gas companies such as Oil and Natural Gas Corp rose on continued optimism about policy reforms by the new Narendra Modi government. The BSE Sensex gained 1.51% and NSE Nifty rose 1.46% for the day.

On Friday (June 06, 2014) Sensex closed at 25396.46, up by 376.95 points, while the Nifty rose 109.30 points to close at 7583.40.

Global Market

Asian stocks basked in the glow of a record close on Wall Street after bright U.S. jobs data pointed to improving economic momentum, while the dollar gained on Monday on rising U.S. Treasury yields.

US stocks rose on Friday, with the Dow and the S&P 500 closing at records, after the May payrolls report provided the latest confirmation of improving economic conditions.

European shares extended gains triggered by new European Central Bank measures to boost the region’s recovery into a second day on Friday, with a euro zone blue-chip index reaching a six-year high.

Major Headlines of the day

Bombay Dyeing plans to set up 50 new age stores this fiscal.

NTPC invites bids for 1,320-MW Khargone project in MP.

GAIL offers to sell US gas at cheaper rate than LNG from Qatar.

SGX Nifty

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