Stock Market

Nifty likely to open in green tracking positive global cues

The Nifty is likely to open in green today on back of positive close in the US and the market indicator SGX Nifty trading 57 points up around 7671 at the time of writing.

Stocks in the US closed higher, led by gains in tech stocks, after Fed Chair Janet Yellen said it is appropriate for policymakers to proceed ‘cautiously.’ The S&P 500 and Dow Jones Industrial Average recovered from a lower open to close at their highest levels of the year so far and in positive territory for 2016.

In Europe too markets closed mostly higher as investors eyed the volatile trade in commodity markets.

Asian markets too are trading in the green. However, on the data front Japan’s industrial output data showed fragile factory activity due to sluggish demand both at home and abroad.  The Industrial output fell 6.2 percent on-month in February, compared with an expectation for a 6 percent decline, following a 3.7 percent gain in January.

Back home, it was a volatile day on Dalal Street yesterday as the market neared F&O expiry. The benchmark indices lost a quarter of a percent with the Nifty ending just below 7600.

From the currency space, dollar slipped after dovish Fed comments, strengthening the yen.

From other asset class, crude prices declined while gold surged to USD 1240 an ounce. Crude prices declined as supply looked set to keep rising and there appeared to be little immediate prospect of demand keeping pace.

More to come