INDIAN BENCHMARKS Gap up opening on Dalal Street, F&O expiry eyed
The Indian equity benchmarks are likely to witness a positive opening on Thursday on the last day of the May derivative contracts. SGX Nifty is trading 22.50 points higher.
Shares of Jet Airways, ONGC, Tata Chemicals and Union Bank of India will be in focus as these companies unveil their March quarter earnings numbers today. Volatility may remain high at the domestic bourses as traders roll over their positions ahead of the expiry of the May futures & options (F&O) contract today.
Indian shares jumped more than 2 percent on Wednesday to post their best gain in nearly three months, as companies with big rural sales rose after a private weather forecaster predicted more monsoon rains than initially estimated. The S&P BSE Sensex and CNX Nifty rose 2.28%-2.40% each.
- Asian shares look set to extend their recovery from 12-week lows on Thursday after renewed optimism on European banks' prospects and a rise in oil prices to near $50 a barrel helped lift global shares.
- US stocks advanced for a second straight session on Wednesday, with the S&P 500 posting its highest close in nearly a month on the back of a rally in energy and materials shares.
- European equities jumped to a four-week high on Wednesday with banks buoyed by progress on talks towards securing a debt relief deal for Greece, and energy shares rose on the back of a rally in oil.
Major Headlines of the day:
- Bajaj Auto net up on bike sales growth
- Ashok Leyland profit hits a speed bump
- L&T profit rises 19%, beats Street estimates