The key domestic benchmarks are likely to open on a subdued note tracking a mostly weak trend across Asia as investors stick to a cautious approach ahead of the US jobs data to be released today. SGX Nifty is trading 14.50 points lower.
Market may see some consolidation after rising to record highs in recent sessions as investors eye more progress on key reforms such as changes in land acquisition law and labour market regulations, coupled with GST enforcement which is expected to boost growth
The Nifty hit a record high on Thursday on continued hopes for global monetary stimulus measures, while ITC surged more than 5% to a six-month high on media reports the government was rethinking a potential ban on the sale of loose cigarettes.
On (Thursday 04, 2014), Sensex closed at 28562.82, up by 120.11 points, while the Nifty rose 26.75 points to close at 8564.40.
Asian shares edged higher in early trade on Friday, while the dollar marked time ahead of the key U.S. jobs report later in the session that could help it retake ground lost to the euro overnight.
US markets ended marginally lower after a volatile day of trading. Caution ahead of the release of US nonfarm payrolls data and losses in energy shares dragged the markets.
European shares sank on Thursday after the European Central Bank stuck to its line that it will decide early next year whether further measures are needed to boost the euro zone economy, sparking a bout of profit-taking.
Major Headlines of the day:
Reliance Industries inks pact with Mexico’s Pemex.
Ritu Mallya joins MCF board as Director.
BHEL commissions sixth unit of 412 MW Rampur hydro plant.