The key domestic benchmarks are likely to open on a positive note today tracking a bullish trend tracking Asian markets. SGX Nifty is trading 10.50 points higher.
The mood remains optimistic as a revival in Asia’s third biggest economy coincided with the completion of 100 days in office for the Modi government which has vowed to push financial, labour and tax reforms after liberalizing FDI in railways and defence to attract overseas investors.
Investors will be eying the HSBC India services PMI today. However, three straight days of record high closing may lead to some profit booking in the Sensex.
India’s benchmark BSE index on Tuesday surged past the psychologically key level of 27,000 to a third consecutive record high, as blue-chips such as HDFC Bank gained after recent data raised hopes about the economy. The BSE Sensex gained 0.57% while the CNX Nifty ended 0.69% higher.
On Tuesday (September 02, 2014) 30-share Sensex ended up 152 points at 27,019 after hitting a record 27,082.85 and the 50-share Nifty closed 55 points at 8,083 after hitting a record high of 8,101.95.
Asian shares shrugged off early losses on Wednesday, while the dollar was close to 14-month highs against a basket of major currencies after data underscored that the U.S. economy continues to gather gradual momentum.
U.S. stocks ended mostly lower on Tuesday, retreating from records set the previous month, as falling crude oil prices dragged energy shares down and offset strong manufacturing data.
A fall in major healthcare stocks, after drugmaker AstraZeneca tried to play down speculation about a new bid from Pfizer, pegged back European stock markets on Tuesday.
Major Headlines of the day.
Tata Motors receives orders for over 2,700 buses.
Unitech to sell non-core land to cut debt, improve cash flows.
Raymond Bickson resigns from Oriental Hotels.