Indian Indices:
Indian equity benchmarks are likely to witness a gap up opening on Thursday tracking a bullish trend across markets in Asia and a strong finish at Wall Street overnight after the OPEC’s decision to cut output for the first time since 2008 fueled a rally in oil prices, bolstering risk taking appetite.
Gains in the Nifty Index Futures for September delivery which were trading at 8,803, up by 0.47 per cent or 41.5 points at 10:38 AM Singapore time,
signal that the Sensex may open higher on the day of the expiry of the September derivative contracts.
Volatility may remain high at the local bourses today as traders roll over their positions amid the September futures & options (F&O) contracts expiry.
On the domestic front, all eyes are on the RBI’s monetary policy review on Tuesday with speculation of a 25 basis points cut in key interest rates amid receding consumer inflation.
Snapping a three-day losing streak, the 30-share Sensex on Wednesday rallied 69.11 points or by 0.24 per cent to 28,292.81 amid value buying in select blue chip stocks.
Global Market:
Asian stocks rose as oil prices hit a three-week high after the OPEC agreed to cut production for the first time in eight years.
Shanghai Composite & Hang Seng rallied while Japan’s Nikkei 225 jumped as a weaker yen bolstered the lure for exporter stocks.
US stocks rose on Wednesday as energy shares climbed the most in eight months as news of the OPEC deal boosted oil prices.
Major Headlines of the day:
• Cipla freezes increments of top management to cut costs
• OPEC agrees to cut oil production for first time in eight years
• Bank of India to cut base rate by 5 bps to 9.65% on Friday
Trend in FII flows: The FIIs were net buyers of Rs 73.83 Cr in the cash segment on Wednesday while the DIIs were net sellers of Rs -69.53 Cr, as per the provisional figures.
STOCKS IN BAN PERIOD: CENTURYTEX, IDBI, JETAIRWAYS, JINDALSTEEL, JISJALEQS, JPASSOCIATE, JUSTDIAL, RCOM, SINTEX, WOCKPHARMA.
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