The key domestic benchmarks are likely to open on a positive note today tracking a bullish trend across Asia as risk taking sentiment revives amid hopes that the US Federal Reserve’s pledge to stay patient on monetary tightening may bolster capital flows into emerging markets.
SGX Nifty is trading 4725.31 points 81.00.
A rebound in the rupee which earlier this week fell to a 13-month low against the US dollar amid global turmoil, will support sentiment. The cabinets go -ahead to the long pending GST signals the seriousness of the Modi government to undertake structural reforms to boost economic growth, bolstering sentiment.
Market rose over 1.5% on Thursday to snap their 5-day selling streak as blue chips such as ICICI Bank surged after a global rally and the cabinet’s nod to a nationwide sales tax bill led to unwinding of short positions. The S&P BSE Sensex and CNX Nifty ended 1.56%-1.61% higher each.
On (Thursday 18, 2014), Sensex ended up 416 points at 27,127 and the Nifty advanced 130 points to close at 8,159.
Japanese stocks led Asian markets higher on Friday, after Wall Street boasted its biggest two-day advance since late 2011 amid relief the Federal Reserve was in no rush to start hiking interest rates.
US markets ended higher for second straight session boosted by the surge in technology shares
European stocks surged on Thursday, with the market supported by a rise in Greek shares after the leader of the main opposition party said he was committed to keeping Greece in the euro should his leftist party take power next year.
Major Headlines of the day:
Jet Airways deploys wide body planes, adds domestic flights
Jindal Steel raises 1,000 crore through NCDs.
JSW Steel is back to incremental growth strategy