DSIJ Mindshare

Market Is Likely To Open Flat

Indian equities market rose for a sixth consecutive trading session on Wednesday following positive global cues and buying by domestic and foreign institutions. Among the sectoral indices, metal, realty and auto indexes led the gains. The Sensex climbed 102.97 points to end at 27,035.85, while Nifty settled at 8,177.40, up 24.50 points. The broader markets front, the BSE Mid-Cap and BSE Small-Cap index rose 0.09% and 0.4% respectively.

U.S. stocks closed higher on Wednesday following a retreat in crude oil prices and some of the rally in health-care stocks. Many investors remain on the sidelines ahead of Thursday's release of minutes from the Federal Reserve's latest policy meeting and the start of corporate earnings season. The Dow Jones industrial average rose 122.10 points, or 0.7%, to 16,912.29. The S&P 500 index added 15.91 points, or 0.8%, to 1,995.83 and the Nasdaq composite rose 42.79 points, or 0.9%, to 4,791.15. Events over the next two weeks are likely to determine the market's next move.

Oil prices gave up an early gain and turned lower after the Energy Department reported that US oil inventories rose by 3.1 million barrels last week and that demand for oil fell slightly. Oil had rallied earlier on signs that producers were cutting back production. Benchmark U.S. oil was up 20 cents at USD 48.73 a barrel in New York. It had been up 2% earlier. Brent Crude, which is used to price international oils, rose 21 cents to USD 52.66 a barrel in London.

European stock markets closed with gains for a fourth straight session on Wednesday, with miners and oil companies providing a big lift. The Stoxx Europe 600 SXXP finished up 0.1% at 360.93. The German DAX 30 shook off the weak numbers and closed up 0.7% at 9,970.40. France’s CAC 40 added 0.1% to end at 4,667.34, while the U.K.’s FTSE 100 rose 0.2% to 6,336.35.

Shares in Asia were mixed early on Thursday. Chinese equities leading gains after mainland markets resumed trade after a week-long holiday. The Shanghai Composite opened up 3.3% at 3,154. Japan’s NIKKEI 225 index lost 0.7% as investors digested machinery orders data that fell well short of expectations. South Korea's KOSPI traded relatively flat in the morning session. Australia’s S&P/ASX 200 Index rose 0.43%. New Zealand’s S&P/NZX 50 Index was marginally lower 0.11%. Hong Kong's Hang Seng Index slipped 0.70%.

A SGX CNX Nifty Index future for October delivery was up 3 points at 8,202. Indian market is likely to open flat.

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