SGX Nifty Futures Point To Higher Start

( – The Nifty futures are trading higher, pointing to a positive start on Tuesday despite mixed Asian cues. Price momentum would be largely driven by capital inflows after provisional data showed foreign institutional investors bought shares worth a net Rs. 2,473.17 crore yesterday.

The BSE Sensex rose 1.6 percent to close at a record high of 21,326.42 on Monday after the main opposition party, Bharatiya Janata Party (BJP), captured power in three out of the four states and emerged as the single largest party in Delhi, raising expectations of a Narendra Modi-led NDA victory in the general elections next year. The broader Nifty index climbed 104 points or 1.66 percent to 6,363.90.

Meanwhile, suspense over government formation continues in Delhi as both BJP and Aam Aadmi Party said they would not stake claim to form a government.

<b>Asian Markets </b>

The Asian markets are swinging between gains and losses amid concerns the Federal Reserve might begin tapering its QE stimulus at its meeting next week. Japan’s Nikkei is moving down 0.4 percent following two days of gains. China’s Shanghai Composite is marginally lower ahead of reports on industrial production and fixed-asset investment due out later in the day.

Hong Kong’s Hang Seng and South Korea’s Kospi are down about 0.3 percent each, New Zealand’s NZX-50 is declining marginally and Singapore’s Straits Times is down 0.2 percent, while Australia’sS&P/ASX 200 is rising 0.4 percent. Thai financial markets are shut today after Prime Minister Yingluck Shinawatra dissolved parliament and called a snap election amid political unrest.

The euro is holding steady against the dollar after climbing to a six-week high against the dollar yesterday, supported by rising short-term interest rates in the euro zone amid fading hopes for fresh stimulus from the European Central Bank. ECB Executive Board member Yves Mersch cautioned Monday that quantitative easing through asset purchases would pose immense challenges for the central bank.

<b>U.S. And European Markets </b>

U.S. stocks rose overnight, with a lack of economic data and comments from St. Louis Fed President James Bullard voicing support for a small tapering beginning next week capping gains. The Dow inched up marginally, the S&P 500 rose 0.2 percent to reach a fresh record closing high and the tech-heavy Nasdaq added 0.2 percent.

“Based on labor market data alone, the probability of a reduction in the pace of asset purchases has increased,” Bullard told the CFA Society of St. Louis.

The European markets finished mostly higher on Monday as investors digested better-than-expected Chinese export data as well as German trade and industrial output figures signaling a mixed start to the fourth quarter for Europe’s biggest economy. The German DAX advanced 0.3 percent, while the U.K.’s FTSE 100 and France’s CAC 40 both gained about 0.1 percent.

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