Market set to open higher; IIP data eyed

Indian Indices:

The key domestic benchmarks may open on a positive note today amid fading geopolitical concerns.. SGX Nifty is trading 42.50 points higher.

On the domestic front, all eyes will be on the IIP data due after market hours today which may show that industrial output rose for the third month on the trot in June, signaling a recovery in Asia’s third biggest economy.

India’s NSE index rose nearly 1% on Monday to snap a three-day losing streak after auto stocks such as Mahindra and Mahindra surged on earnings optimism, while strength in global shares on easing tensions in Ukraine also helped.

On Monday (August 11, 2014)  Sensex closed at 25908.01, up by 184.85 points, while the Nifty rose 62.90 points to close at 7746.55.

Global Market:

Asian shares edged higher on Tuesday tracking rallies in the United States and Europe as investors seemed to put aside geopolitical concerns, at least for the moment.

U.S. stocks advanced Monday, led by a rally in small-cap companies, though continued tensions in Ukraine and the Middle East put a cap on the S&P 500’s gains.

European shares rebounded on Monday from a two-week drop, with the German DAX market outperforming, after investors concluded Russia would not send troops into Ukraine any time soon.

Major Headlines of the day.

JK Paper reports Rs 22.53 cr loss for Apr-Jun.

ONGC Videsh signs PSCs for Myanmar blocks

AkzoNobel India plans to set up manufacturing unit in Bangladesh via tolling agreement

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