Markets may extend gains tracking bullish global cues
Indian markets are likely to open higher, extending their gains from the previous session on the back of bullish global cues. Traders will also be getting support with IMF saying in its global growth prospects survey that Indian economy could grow at 7.4% in FY19, as against 6.7% this year, gaining pace to clock growth at 7.8% in FY20. The SGX Nifty indicates that Nifty could open at 10,996 with gains of 29 points at the opening bell.
Alembic, CanFin Homes, Crompton Greaves Consumer Electricals, Edelweiss Financial Services, Force Motors, Indiabulls Real Estate, Indiabulls Housing Finance, L&T Technology Services, NIIT, PNB Housing Finance, RBL Bank, Symphony, Syngene International, United Spirits and Wabco India are some of the key companies to announce their results today.
The stock markets in Asia have edged higher, mirroring the US market optimism. Japan's Nikkei 225 has surged 222 points to reach 24,038 followed by Hong Kong’s benchmark Hang Seng index and China’s Shanghai Composite which are up by 0.67% and 0.66%, respectively.
Back home, Monday turned out to be a remarkable trading day for the Indian equity benchmarks, with the bulls tightening their grip on Dalal Street and the Nifty and Sensex hitting fresh record highs and ending at 10,966 and 35,798, respectively. The market mood remained upbeat throughout the day as benchmarks kept fervently gaining from strength to strength. The IT stocks remained on the buyers' radar as Nifty IT index surged 2.07%.
On the Wall Street, all three major indices ended Monday’s session firmly in positive territory. With their gains, all the three indices reached new record closing highs as the senate approved a procedural bill that clears the way to end the shutdown of the US government. The Dow Jones Industrial Average surged 143 points to close at 26,124, Nasdaq Composite index climbed 72 points to settle at 7,408 and the S&P 500 rose 23 points to finish at 2,833.
Majority of the European indices ended the first trading session of the new trading week with modest gains. The DAX of Germany added 0.22%, CAC 40 of France gained 0.28% and the FTSE 100 of the UK declined 0.20%.