Bullish start likely on Dalal Street

Indian shares are likely to open on a slightly higher note as the global cues look supportive with SGX Nifty trading 17 points higher.

Headlines for the day:

  • SBI, HDFC Bank reduce lending rate by 15 bps to 9.85%

  • Jhunjhunwala raises stake in Escorts

  • REC share sale floor price set at Rs315

Indian Indices:

Indian shares are likely to open on a slightly higher note as the global cues look supportive with SGX Nifty trading 17 points higher.

Three of India’s largest banks said on Tuesday they would trim lending rates, yielding to months of central bank pressure with the first major cut in borrowing costs since a monetary easing cycle began in January.

Indian shares ended flat on Tuesday, rebounding from earlier losses on the back of a late rally in metals and mining stocks such as Jindal Steel and Power Ltd that had lagged the index in recent weeks. The S&P BSE Se nsex and CNX Nifty ended 0.04%-0.17% higher each.

On Tuesday (April 07, 2015), the 30-share Se nsex ended up 12 points at 28517 while the 50-share Nifty ended higher by 15 points at 8675

Global Indices:

Japanese shares were probing 15-year peaks on Wednesday as investors favored Asian assets on expectations of more stimulus from countries such as China and Japan, as well as a delayed start to any tightening by the U.S. Federal Reserve.

U.S. stocks ended slightly lower on Tuesday, reversing course late in the session as strength in the dollar offset optimism about deal news.

European shares rose on Tuesday as FedEx’s 4.4 billion euro ($ 4.8 billion) bid for Dutch package delivery firm TNT Express prompted a rally in the shares of other postal companies.