Markets to rally ahead of Union Budget

Indian Indices:

Maintaining the pre-budget rally, Key Indices is likely to open higher on Friday. Positive trend in most of the Asian markets will further support investors’ sentiments in the country. SGX Nifty is trading 13.00 points higher.

Indian shares fell slightly on Thursday, retreating from record highs earlier in the session, as investors snapped a powerful four-day rally by booking profits in recent outperformers such as Hindalco Industries. The BSE Sensex fell 0.07% and NSE Nifty slipped 0.13% for the day.

On Thursday (July 03, 2014) Sensex closed at 25823.75, fell by 17.46 points, while the Nifty slipped 10.35 points to close at 7714.80.

Global Market

Asian shares and the dollar firmed on Friday, catching a lift from U.S. stocks’ surge to record highs after U.S. jobs data showed the lowest unemployment rate in six years and underscored the strength of the economic recovery.

The S&P 500 and Dow Jones Industrial Average closed at record levels in a holiday-shortened week, fueled by a jobs report that was far stronger than expected but nonetheless isn’t shifting expectations about when the Federal Reserve will start raising interest rates.

European stocks climbed Thursday after the European Central Bank held key interest rates unchanged, while the euro weakened largely in the wake of a strong jobs report from the U.S.

Major Headlines of the day

Siemens sells 8.5 acre Bangalore land for Rs345 cr.

GMR raises Rs1,500 cr through QIP.

FIPB clears six FDI proposals worth Rs551 cr.

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