Markets are likely to open higher tracking gains on Wall Street on Friday and firm gains in their Asian peers. Meanwhile, volatility is not ruled ahead of the expiry of March derivative contracts on Thursday.
At 8:35AM, the early indicator SGX Nifty was up 11 points at 8,624.
Asian stocks were trading firm on Monday tracking gains on Wall Street on Friday after the dollar eased against major currencies. The dollar had earlier gained on expectations that the US Fed would hike interest rate earlier than expected.Japanese shares extended gains with the benchmark Nikkei hitting fresh 15-year high while Chinese shares were
trading at their highest level since May 2008 with real estate stocks among the major gainers. The Nikkei and Shanghai Composite were up over 1% each while Straits Times and Hang Seng were up 0.3-0.4%.
Major US stock indices ended higher on Friday after the dollar stabilised against major currencies while encouraging earnigns from world’s largest sports apparel maker Nike also boosted sentiment. Nike reported better-than-expected quarterly earnings amid robust sales of higher-margin shoes and apparel. Meanwhile, the tech-laden Nasdaq hit 15-year
high led by biotech stocks while the broader S&P 500 ended higher led by energy shares after US crude oil prices rebounded from their recent lows. The Dow Jone industrial average ended up 169 points at 18,127.65, the S&P 500 gained 19 points to close at 2,108.10 and the Nasdaq ended up 34 points at 5,026.42.
Stocks in focus
Jindal Steel & POwer will see some pressure after the government rejected bids for the Gare Palma IV/2&3 and Tara coal blocks which were won by the company in the coal e-auction.
Usha Martin may gain after the government accepted the bid for Brinda and Sasai coal blocks.
Punjab National Bank may gain after the bank said its shareholders approved allotment of 4.42 crore shares to the government on preferential basis at Rs 196.80 per share Bank of India may see some action after allotment of 2 crore equity shares to insurance major LIC and 26.45 lakh equity shares to New India Assurance Company on preferential basis at a price of Rs 283.50 per share.
Gujarat Flurochemicals may gain after strong response for the IPO of its subsidiary Inox Wind.
Tata Motors board will meet on March 25 to raise Rs 7,500 crore through rights issue and buy-back of secured NCDs worth Rs 1,250 crore maturing March 31, 2016.