The Indian equity markets on Wednesday opened on a positive note despite tepid global cues, on the back of spectacular numbers posted by Indusind bank and better poll prospects of BJP in the upcoming UP election amid no sign of a real truce between the Yadav families. The sentiments of the market were further boosted by some reports that China is going to curtail some of its excess steel production capacity. China will close all of its medium frequency furnaces, equivalent to around 9 per cent of its overall capacity, by June, 2017. Additionally, South Bank’s Q3 results indicated that despite concerns of demonetisation, banks have not suffered as expected, leading eventually to all the other banks rallying significantly. Eventually, the NSE’s 50-share broadly followed index Nifty, got buttressed by over a per cent to settle below the crucial 8,350 support level; while Bombay Stock Exchange’s Sensitive Index-Sensex accumulated over two hundred and forty points and closed above the psychological 27,100 mark. Moreover, the broader markets too participated in the rally and closed with gains of around a per cent.European markets finished higher on Wednesday with shares in Germany leading the region. The DAX gained 0.54 per cent, while the FTSE 100 was higher by 0.21 per cent. The CAC 40 was even. The Dow Jones Industrial Average closed less than 50 points from the psychologically-important 20,000 mark on Wednesday, following President-elect Donald Trump’s first news conference in months. The Nasdaq also extended gains to its fifth straight record close. The S&P 500 index gained 6.42 points to end at 2,275.32.Asian stocks have opened in the mix despite strong overnight cues from the U.S market. Japanese equities dropped 158 points to 19,206 as the yen strengthened for the fourth day, even as investors around the world digested U.S. President-elect Donald Trump’s first post-election press conference, which was devoid of any policy details. Shanghai is trading up by 7 points at 3,144.At 7:48 am, SGX Nifty index has gained 26 points to 8,423, indicating a positive start for Indian equities. The IT major TCS will release its third quarter earnings later in the day.
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