The key domestic benchmarks are likely to open higher today tracking a positive trend in fellow Asian markets and a strong finish at Wall Street overnight . SGX Nifty is trading at 72.50 points higher.
Investor sentiment will remain supported by hopes of a pickup in growth after the government stepped up reforms including deregulation of diesel prices and raising natural gas prices to stem subsidy burden and pare the fiscal deficit.
However, some volatility may be seen at Dalal Street ahead of the Diwali holidays on Thursday and Friday.
Indian shares rose for a third straight session on Tuesday to mark their highest close in 1-1/2 weeks as coal-related stocks such as Jindal Steel and Power surged on the government’s plans to auction coal blocks the top court cancelled in August. The BSE Sensex and the CNX Nifty ended 0.55%-0.61% higher.
On Tuesday (October 21, 2014) 30-share Sensex closed up 145 points at 26,575 and the 50-share Nifty closed up 48 points at 7,927.
Asian shares pulled ahead on Wednesday, taking their cue from Wall Street’s strong performance as upbeat results from two technology bellwethers offset recent concerns about the outlook for the global economy.
U.S. stocks rallied on Tuesday, with the S&P 500 notching a fourth straight session of gains boosted by strong corporate results, including Apple’s.
Banks and shares in peripheral countries led a European rally on Tuesday after sources told Reuters the European Central Bank is considering buying corporate bonds to revive the region’s economy.
Major Headlines of the day.
Crompton Greaves demerger formula unfair to investors
JLR sees 20% growth in China sales this year
Government issues draft order to merge NSEL with FTIL