Markets to rally amid muted global cues

Indian Indices:

A market is likely to maintain its gaining streak on Thursday amid hopes that the upcoming Budget will include reforming measures to ensure India’s economic boost. SGX Nifty is trading 34.00 points higher.

Indian shares surged more than 1 percent to hit record highs on Wednesday after Finance Minister Arun Jaitley’s warning against ‘mindless populism’ raised hopes the government would unveil a fiscally prudent budget next week. The BSE Sensex rose 1.27% and NSE Nifty gained 1.18% for the day.

On Wednesday (July 02, 2014) Sensex closed at 25841.21, up by 324.86 points, while the Nifty rose 90.45 points to close at 7725.15.

Global Market

Asian stocks hovered at a three-year high and the dollar rose early on Thursday after robust jobs data fuelled hopes that the U.S. nonfarm payrolls report would point to momentum building in the economy.

U.S. stocks mostly inched higher Wednesday, building slightly on the prior day’s sizeable advance, as a better-than-expected report on private-sector hiring underscored the economy’s recent strength.

European shares inched up on Wednesday, adding to the previous day’s sharp rally, though dashed hopes of merger moves among French telecoms companies kept a lid on gains.

Major Headlines of the day

RCom to raise Rs5,000 cr by selling real estate

Tech Mahindra strengthens footprint in West Asia.

Apollo Tyres to invest $ 340 million to upgrade facilities.

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