Market tipped to open higher on Asian cues

Indian Indices:

The key domestic benchmarks are poised to open on a positive note tracking a firm trend across Asian peers as a rise in US homebuilder sentiment to the highest level in seven months signaled a pickup in the world’s biggest economy, boosting the appetite for risky assets. SGX Nifty is trading 27.00 points higher

Mkt rose over 1% on Monday to a record high as blue-chips such as ICICI Bank surged after PM Narendra Modi vowed to fire up the bureaucracy to deliver results, while easing wholesale inflation also helped.

On Monday (August 18, 2014) Sensex closed at 25918.95, up by 38.13 points, while the Nifty rose 12.50 points to close at 7739.55.

Global Market:

Asian stocks got a lift on Tuesday from an upbeat day on Wall Street, while the dollar got some help as U.S. Treasury yields pulled away from recent lows on upbeat US housing data and hopes of progress in the Ukraine crisis.

US stocks surged on Monday, with the Nasdaq closing at a 14-year high as increasing homebuilder confidence and hopes for receding tensions in Russia gave investors reasons to make bigger bets on the equity market.

European shares rallied on Monday as the market was encouraged by diplomatic efforts at the weekend to try and ease tension in Ukraine.

Major Headlines of the day.

Aban Offshore allots Rs 54 cr worth shares to promoter group member

Cairn says Rajasthan block holds 1-3 Tcf of gas reserves

IOC’s Rs4,500-cr LNG terminal to commence in 2015-16

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