Markets may see opening gains on positive global cues
Key benchmark indices are expected to open on an optimistic note. The SGX Nifty suggests that the Nifty could open around 10,699 level with gains of 41 points at the opening bell.
The company which will announce their earning today include Infosys, HT Media, Karnataka Bank, Reliance Industrial Infrastructure, Sintex Industries and 3i Infotech.
Majority of Asian stock markets were trading in the positive terrain in early deals on Friday on the back of record close on Wall Street. Hong Kong’s Hang Seng has gained 111 points, China’s Shanghai Composite has risen 2 points, whereas Japan’s Nikkei index has lost 13 points.
Back home, markets opened on a soft note, but gained momentum as the day progressed. The BSE Sensex and Nifty touched record highs of 34,555.88 and 10,664.40, respectively, and closed at record highs of 34,503 and 10,651. The broader market remained upbeat as Nifty Mid-Cap and Small-Cap indices ended with gains of 0.26% and 0.38%, respectively. Sector-wise, barring Nifty Metal, all the sectoral indices ended in the positive terrain.
The US equity benchmarks resumed their upmove and climbed to new records closing highs. The sentiments on Wall Street improved due to easing concerns about treasuries after China dismissed news report that officials have recommended slowing or halting purchases of US debt. The Dow Jones Industrial Average edged up 206 points to 25,575, Nasdaq surged 58 points to 7,212 and the S&P 500 rose 19 points to 2,768. Going forward, the stock of JPMorgan Chase and Wells Fargo will be in the limelight as these companies are set to report their quarterly earnings on Friday. Additionally, market participants will keep a close eye on reports on retail sales and consumer price inflation.
Most of the European markets ended Thursday’s session in the red. The markets sunk lower following the release of the minutes of the latest European Central Bank ( ECB) meeting. The ECB could cut its crisis-era stimulus programme faster than anticipated sighting improvement in growth prospects. The DAX of Germany ended lower by 0.59%, CAC 40 of France slid 0.29%, whereas FTSE 100 of the UK gained 0.19%.