Market likely to open in green on global cues
Indian equities indices settled marginally higher by snapping three-day losing streak on Tuesday, led by a positive bias from the European markets, but the investors continue to have a cautious approach ahead of the remarks from Fed chair & the revised first quarter US GDP on Friday. The Sensex rose 75.11 points to 25305.47 and the Nifty gained 17.80 points at 7748.85 while broader markets showed a downward trend as small-cap and mid-cap indices slumped by 0.65% and 0.16%, respectively.
U.S. stocks surged to close higher with gains of more than 1% on Tuesday, following encouraging reports on the housing market and sharp gains in European stocks. The Dow Jones Industrial Average rallied 213.12 points, or 1.2%, to close at 17,706.05. The S&P 500 Index jumped 28.02 points, or 1.4%, to 2,076.06 meanwhile, the Nasdaq Composite Index surged 95.27 points, or 2%, to 4,861.06.
European stocks rallied on Tuesday, led by strong gains from banks, insurers and retailers and the euro lost ground against the U.S. dollar. The Stoxx Europe 600 gained 2.2% to close at 344.12. France’s CAC 40 moved up 2.5% to 4,431.52 and the DAX 30 up 2.2% to 10,057.31. The U.K’s FTSE 100 picked up 1.4% at 6,219.26.
Asian markets opened higher on Wednesday tracking a positive lead from Wall Street overnight after encouraging reports on U.S. home sales. Japan's Nikkei 225 index advanced 1.75% with shares receiving an additional boost from a relatively weaker yen against the dollar. South Korea’s Kospi index added 1.07%. Australia’s S&P/ASX 200 Index climbed 1.71%. New Zealand’s S&P/NZX 50 Index advanced 0.67%. Chinese stock market opened higher, with the Shanghai composite up 0.32%.
On the domestic front, A SGX Nifty 50 index future for May series is trading up by 71 points at 7,826. Indian markets are likely to open in green due to positive global cues. Investors will be keeping an eye on Abbot India, AIA Eng, Ashok Leyland, Bajaj Auto, Bajaj Holding, Bosch, Concor, Cummins India, Escorts, Gail, Godrej Ind, results of which are due for release today.