Benchmarks set to extend yesterday’s rally

The Indian stock markets are expected to open on a strong note led by positive global scenario. SGX Nifty is trading 34.00 points higher.

Headlines for the day:

  • S&P upgrades Airtel’s credit rating to BBB-
  • IOC stake sale likely on March 14
  • Lupin gets USFDA nod to market generic version of Cipro
  • Tata Motors launches low-priced trucks under Prima range

Indian Indices:

The Indian stock markets are expected to open on a strong note led by positive global scenario. SGX Nifty is trading 34.00 points higher.

Yesterday, the BSE Sensex hit a record high while the Nifty closed just off its own all-time high, as steady buying by foreign investors continued to spark a rally in blue chips such as ICICI Bank. The Sensex rose 1.11% and Nifty was up by 1.15%

Dalal Street reached new milestones on Thursday as foreign institutional investor (FII) inflows continued unabated amid growing conviction that the Bharatiya Janata Party-led coalition may form the next government and the worst may be over for the economy.

Both benchmark indices — Sensex and Nifty — closed at record highs after the sharp drop in the current account deficit pushed up the rupee, alleviating fears about the impact of the US Federal Reserve’s stimulus tapering on FII inflows.

On Thursday (March 06, 2014), the S&P BSE Sensex wrapped trade at 21513.87, up by 237.01 points while the NSE Nifty rose 72.50 points to settle at 6401.15.

Global Indices:

Asian stocks edged up and the dollar index slumped on Friday, as investors looked toward the U.S. nonfarm payrolls report later in the session for confirmation that the U.S. employment picture has improved.

U.S. stocks mostly rose on Thursday, with the S&P 500 closing at yet another record on better-than-expected jobless claims data and the European Central Bank’s move to keep rates unchanged.

European shares were steady on Wednesday as Washington and Moscow set up talks to ease tensions over Ukraine, but companies Subsea 7 and Adidas suffered after downbeat results.

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