Indian markets tend to open higher
Indian benchmark indices are seen opening higher on Thursday tracking overnight gains in US stock and extend a rally as monsoon had hit the Kerala coast. SGX Nifty is trading at 8.50 points up.
The market is likely to sustain bullish momentum as US Fed decision to hike borrowing costs in the world’s biggest economy only gradually, potentially putting a June rate hike off the table
Indian shares ended flat on Wednesday as investors booked profit in recent outperformers, but defence stocks rose after the United States recognised the country as a 'major defence partner' during Prime Minister Narendra Modi's ongoing US visit. The S&P BSE Sensex and CNX Nifty gained 0.01%-0.08% each.
Asian stocks edged up on Thursday after modest gains on Wall Street overnight, while a weaker dollar buoyed commodities such as gold and crude oil.
The Dow Jones Industrial Average rose for a third straight session Wednesday to close above the psychologically important 18,000 for the first time in over a month as oil rallied to an 11-month high.
European shares fell on Wednesday after two straight days of gains, as a drop in Italian bank UniCredit and Austrian bank Erste knocked financial stocks.
Major Headlines of the day:
• IOC, MRPL pay $330 mn more in 2nd tranche to Iran.
• Infosys Finacle to power Paytm banking.
• JSW Steel logs highest-ever monthly production.
Trend in FII flows: The FIIs were net buyers of Rs 529.16 Cr in the cash segment on Wednesday while the DIIs were net sellers of Rs -257.76 Cr, as per the provisional figures.