Market Likely To Open Positive
Indian equities indices ended Monday's trading session on a strong note on the back following positive global cues. Global markets were higher, buoyed by hopes for stimulus to boost China's economy. The BSE Sensex rallied 517.22 points or 1.88% to 27975.86 and the Nifty climbed 150.90 points or 1.81% to 8492.30. The broader markets outperformed benchmarks. The BSE Midcap gained 1.93% and Smallcap rallied 3.4%.
The Reserve Bank of India (RBI) relaxed provisioning rules against bad loans. The RBI on Monday said it would allow banks to set aside up to 50 per cent of floating provisions from 33 per cent. Floating provisions are the amount that banks set aside that are above the mandatory provisioning requirement against bad loans established by the central bank.
U.S. stocks market rose sharply on Monday, rebounding from last week’s losses, helped by deal activity in healthcare and a bounce in energy shares. Also boosting investors' risk appetite, Chinese stocks surged to seven-year highs, helped by hopes for more infrastructure spending and monetary policy easing. The Dow Jones Industrial Average gained 263.65 points, or 1.5%, to 17976.31, while the S&P 500 rose 25.22 points, or 1.2%, to 2086.24. The Nasdaq Composite climbed 56.22 points, or 1.15%, to 4947.44.
Oil futures fell on Monday, pressured by expectations that talks over Iran’s nuclear program could result in an easing of sanctions against the crude exporter. Brent oil settled down 12 cents at USD 56.29 a barrel, after falling USD1.21 earlier. U.S. crude finished down by 19 cents at USD 48.68, having slid by USD 1.26 earlier.
European stock markets have closed solidly higher as traders focused on Greece's efforts to strike a bailout deal, while betting on the outlook for US interest rates. The Stoxx Europe 600 rallied on the Monday, taking gains so far this year to close to 17%. Frankfurt's DAX 30 index jumped 1.83% to 12,086.01 points, while the CAC 40 in Paris ended 0.98% higher at 5,083.52 points. London's benchmark FTSE 100 index climbed 0.53% to 6,891.43 points.
Asian stocks rose across the board on Tuesday after a rally on Wall Street overnight after Beijing unleashed new policy moves to rejuvenate a wobbly property market, while Greek debt worries again haunted the sagging euro. Japan's Nikkei trading at flat after positive start and Australian shares rose 1.1%. Bourses in South Korea, Malaysia and Indonesia posted sizeable gains as well. China's benchmark Shanghai Composite index up by 0.65%.
SGX Nifty is up by 15 points. Indian markets are likely to open positive. The market will remain open for trading up to Wednesday only this week as it will be shut on Thursday and Friday for holidays on account of Mahavir Jayanti and Good Friday, respectively.