The key domestic benchmarks are likely to open on a positive note tracking a firm trend in Asian stocks and a record high closing at Wall Street on Friday as a surprise interest rate cut by China spurred optimism over the outlook for the world economy. SGX Nifty is trading 49.50 points higher.
All eyes will be on the Winter Session of Parliament which begins today where the Modi government is looking to pass key bills to reduce red tape and bolster FDI investment in sectors such as insurance. Some volatility may be seen in markets ahead of the expiry of the November F&O contracts on Thursday.
Indian shares soared to record highs on Friday as lenders surged after Kotak Mahindra Bank’s acquisition of ING Vysya sparked hopes for further consolidation in the sector, while expectations of more reforms in the winter session of Parliament also helped. The BSE Sensex and the CNX Nifty ended 0.95%-0.90% higher each.
On (Friday 21, 2014) 30-share Se nsex surged 267 points to end at 28,335 and the 50-share Nifty gained 75 points to close at 8,477.
Asian share markets were broadly higher on Monday as the prospect of further policy stimulus in China and Europe whetted risk appetites while sending the euro skidding.
On Friday, The Dow and S&P 500 both added 0.5% on Friday, while the Nasdaq put on 0.24%. Germany’s DAX and France’s CAC rose nearly 3% in anticipation of more action by the ECB.
European stocks rallied on Friday, with a benchmark index hitting a two-month high, propelled by dovish comments from European Central Bank President Mario Draghi and a surprise interest rate cut in China.
Major Headlines of the day
Tata Motors to launch trucks with auto gear shift.
TNPL launches new paper brand ‘GreenPal’ targeting students.
Coal India unions call off strike