Positive opening likely despite negative cues from Asian markets

Indian markets are likely to see a positive opening and extend the upmove at least in the initial part of the trading session. The SGX Nifty indicates Nifty may open around the level of 10,937, up by 14.5 points.  
  
Asian markets were trading lower on Wednesday. Hong Kong Index Hang Seng has plunged 2.53 per cent and China’s Shanghai Composite Index has lost 0.89 per cent. The fall in Chinese shares came after a private survey showed manufacturing activity in China for the month of December shrunk for first time in 19 months. The Caixin/ Markit Manufacturing Purchasing Managers’ index (PMI) fell to 49.7 from 50.2 in November.  
  
Back home, equity benchmarks welcomed the New Year 2019 with a cheerful close, reclaiming the important psychological levels of 10,900 ( Nifty) and 36,250  (Sensex), courtesy buying in the last leg of trading. The broader indices ended in the green as well, with Nifty Mid-cap and Small-cap adding 0.10 per cent and 0.42 per cent, respectively. On the sectoral front, majority of the indices ended in the positive terrain with Nifty Realty and Nifty PSU Bank ending as top gainers.  
  
The US and European markets remained closed on Tuesday on account of New Year Day holiday.