Stock Market

Nifty may keep cheery side up on back of good global cues

Nifty may keep cheery side up on back of good global cues

Chillicious Team

Indian benchmark indexes are expected to begin trade on a positive note following a cheery upswing in global markets.

At the time of writing the SGX Nifty was up .24 percent at 7,962.50.

Asian markets opened higher on Thursday, led by advances in the energy sector, after overnight gains in oil prices pushed US stocks higher.

In Japan, the Nikkei 225 traded up 0.75 percent, while across the Korean Strait, the Kospi was higher by 0.34 percent. Down Under, the S&P/ASX 200 gave up most of its nearly 0.4 percent gains to trade flat.

Oil prices gained in the US session after US government data showed a larger-than-expected drop in crude inventories. Global benchmark Brent futures settled up 2.3 percent at USD 49.74 a barrel, while US crude futures added 1.93 percent to USD 49.56.

The Dow Jones industrial average closed about 145 points higher after earlier adding 185 points. Goldman Sachs and IBM contributed the most to gains. 

The pan-European Stoxx 600 index ended trade up 1.3 percent provisionally, with banking, autos and energy sectors leading the gains.

The London FTSE index closed up 0.7 percent, the French CAC jumped 1.1 percent while the German DAX rallied to close 1.5 percent up.

Spot gold was down 0.17 percent at USD 1,224.46 an ounce, off an earlier low of USD 1,217.25.