Market may witness +opening on firm global cues

Today Key Indices are likely to open higher tracking a firm trend in most fellow Asian stock markets. SGX Nifty is also trading 37 points higher

Events for today (Wednesday)

HSBC/Markit Services PMI

Indian Indices:

The key domestic benchmarks are likely to open higher today tracking a firm trend in most fellow Asian stock markets and a strong closing at Wall Street overnight.

Yesterday, India’s benchmark BSE index turned positive for the year after rising more than 1% for its biggest daily gain since mid-January, as continued foreign investor buying is sparking optimism about blue-chips. The BSE Sensex rose 1.26% and NSE Nifty was up by 1.23%.

On Tuesday (March 04, 2014) Sensex closed at 21209.73, up by 263.08 points, while the Nifty rose 76.50 points to close at 6297.95.

Global Market

Asian stock markets rose amid easing concerns over an escalation of the Ukraine crises as Russian President  signaled that Russia is not looking to take control of Black Sea region of Crimea as he saw no reason to invade eastern Ukraine, a sign that the worst standoff between Russia and the West since the cold war was easing.

The U.S. stock market rallied on Tuesday, sending the S&P 500 above its record closing, after reports that Russian troops ended military exercises in the border regions.

European stocks surged on Tuesday, reversing a big portion of the previous session’s sharp losses after Russian President Vladimir Putin said he would only use force in neighbouring Ukraine as a last resort.

Major Headlines of the day

NMDC keeps Feb iron ore prices unchanged.

M&M, Tata change track for greater play in petrol cars.

IVRCL bags orders worth Rs2,633 crore.

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