Positive opening likely on cues from Asian peers
Indian equity markets are set to open on a flat to positive note on Wednesday tracking positive sentiments prevailing among the Asian peers. The SGX Nifty, which was trading at 9,280, up by 6 points or 0.06%, also signalled a flat to positive opening.
Nifty50 continued its upmove and formed a green body for the fifth consecutive session. Now, going forward, as long as Nifty50 manages to hold levels of 9,180-9,190, it can extend the upward move up to levels of 9,280-9,300.
Shankara Building Products, which recently concluded its Rs 350 crore initial public offer, will make its debut on the stock exchanges today.Nifty Future Tips
Back home, Indian markets closed at a record high on the first trading session of the new financial year. The rally was led by index pivotals such as Larsen & Toubro, Reliance Industries, Dr Reddy’s Lab and ICICI Bank. The sentiments further improved as the Nikkei Indian Manufacturing Purchasing Managers’ Index (PMI) rose to 52.5 in March from 50.7 in February.
The US stocks finished slightly Domestic Forex Tips higher on Tuesday as investors remained cautious ahead of meeting between President Donald Trump and Chinese counterpart Xi Jinping and Friday’s jobs report. The Dow Jones Industrial Average closed 39 points up at 20,689. The Nasdaq Composite finished 4 points up at 5,899. The S&P 500 index finished up one point at 2,360.
The crude oil prices rose above $51 a barrel after weekly industry data showed a decline in the US crude stockpiles.
Asian markets are trading in positive territory on Wednesday. Japan’s Nikkei 225 rose 45 points. Hong Kong’s Hang Seng rose 32 points and China’s Shanghai Composite surged 22 points.