Positive opening likely following encouraging leads from global markets

Judging by trends in worldwide stocks markets and early action at SGX Nifty, it appears that domestic benchmark indices will make a happy start. At the time of writing, SGX Nifty was trading higher by 37 points at 11,631 level.  Hexaware, Indiabulls Housing Finance, ICICI Pru Life, M&M Fin, Tata Elxsi and Ultratech Cement are some of the key companies announcing their earnings numbers today.

The stock markets in Asia are trading higher in early trading on Wednesday on the back of the S&P 500 and Nasdaq logging a record high closing on Wall Street overnight. The Japanese stock market Nikkei is up by 0.29 per cent and Hong Kong’s index Hang Seng had gained 0.15 per cent.

Back home, Tuesday’s session turned out to be a topsy-turvy as the key benchmarks gave up their gains to end the session on a negative note. The Nifty ended down by 0.16 per cent at 11,576 and BSE Sensex dropped 0.21 per cent to close at 38,565. A divergent trend was witnessed in the broader market indices with Nifty Midcap adding 0.10 per cent while Nifty Small-cap losing 0.64 per cent. The sectoral indices exhibited mixed trend with Nifty Pharma gaining the most, while Nifty Auto ending as the top loser. 

The US stocks edged higher on Tuesday, courtesy better-than-expected earnings from the Dow components and the new home sales logging a 16-month high, easily beating expectations. The S&P 500 and Nasdaq ended the session at record closing highs, while the Dow Industrial Average surged 0.55 per cent to finish at 26,656.

European indices returned to action after a long weekend holiday and ended Tuesday’s session on a positive note.  The UK’s FTSE 100 rose 0.85 per cent, Germany’s DAX and France’s CAC 40 added 0.11 per cent and 0.2 per cent, respectively.