Market set for bullish start amid firm global cues

Indian Indices:

The key domestic benchmarks are likely to open on a positive note tracking a firm trend in fellow Asian stocks and yet another record high closing at Wall Street amid easing concerns over the health of the global economy on central bank action in China and Europe . SGX Nifty is trading 12.50 points higher.

Investor sentiment remains positive as the Winter Session of Parliament which began yesterday offers hopes that the Modi government may be successful in passing key bills to reduce red tape and bolstering FDI investment in sectors such as insurance. Some volatility may be seen in markets ahead of the expiry of the November F&O contracts on Thursday.

Indian shares rose to record highs on Monday after the prospect of further policy stimulus in China and Europe whetted risk appetite globally, while expectations of more reforms during the ongoing winter session of parliament also helped. The BSE Sensex and the CNX Nifty ended 0.58%-0.62% higher each.

On (Monday 24, 2014) 30-share Sensex surged 164.91 points to end at 28499.54 and the 50-share Nifty gained 52.80 points to close at 8530.15.

Global Market:

Asian shares gave back some of their China-inspired gains on Tuesday, while oil prices slumped ahead of this week’s OPEC meeting.

U.S. stocks rose on Monday on hopes that China will take further accommodative monetary policy action if needed, while merger deals kept traders focused even as volumes were below average.

Euro zone shares rose on Monday, with a regional index bagging its biggest two-day rise in 17 months, as expectations of more monetary stimulus and some positive German economic data boosted sentiment.

Major Headlines of the day

Tata Motors to focus on rural market to boost sales.

Essar Steel raises $ 1 bn to fund rupee debt.

Adani Power buys Avantha’s 600 MW plant for Rs4,200 crore.

SGX Nifty

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Discussion on Market set for bullish start amid firm global cues