Markets set to open higher; RBI Policy hogs limelight

Indian Indices:

The Indian markets after a bumper rise in yesterday’s trade are likely to witness a positive opening. SGX Nifty that is trading 24.50 points higher.

The markets will see high trading activity as the investors get ready to digest the RBI’s decision on the monetary policy of the country, which is mostly expected to remain unchanged.

Banking stocks will attain focus again.

Indian shares posted their biggest daily gains in three weeks on Monday as Larsen & Toubro surged after its quarterly earnings beat estimates while state-run banks rallied on hopes the government would consider selling some of its holdings and inject capital. The BSE Sensex gained 1.93% and NSE Nifty rose 1.83% for the day.

On Monday (June 03, 2014) Sensex closed at 24684.85, up by 467.51 points, while the Nifty rose 132.55 points to close at 7362.50.

Global Market

The Nikkei led Asian shares higher on Tuesday, supported by solid US and Chinese manufacturing data, while the euro dragged its feet near a 3 1/2-month low on expectations of fresh monetary easing by the European Central Bank.

The US stock market ended Monday generally higher, with the S&P 500 and Dow Jones Industrial Average closing at record levels.

European shares started the month positively on Monday, buoyed by upbeat economic data from China that helped to allay worries about growth rates there.

Major Headlines of the day

Ashok Leyland reports 9% dip in sales in May.

IPCA, Oncobiologics ink deals to develop biosimilar products.

Glaxo in $ 350 million cancer deal with biotech specialist.

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