Indices signal bullish start on global rally: 6 Jan 2017

Indian Indices:

Indian shares are likely to witness a positive opening as the global markets look supportive with SGX Nifty trading 23.50 points higher

Indian equities are set to open flat to higher on Friday following rise in oil prices and stronger rupee, tracking mixed cues from fellow Asian peers after US market ended on subdued note in overnight trade.

Bullish trend in the SGX Nifty Index Futures for January delivery, which were trading at 8,312.50, up by 22.5 points or 0.27 per cent, at 10:46 AM Singapore time, also signaled a positive start for Sensex.

Back home, the upcoming budget and assembly elections in UP, Punjab, Uttarakhand, Goa and Manipur would be key event to watch for which will set future direction for markets.

On Thursday, Indian equity benchmarks ended higher in broad-based rally, tracking firm cue from fellow Asian peers and rally in oil prices.

Global Market:

The U.S. dollar wobbled near three-week lows and U.S. bonds were bought back with the 10-year yield at one-month lows on Friday, as investors wound back 'Trump trade', helping to lift the world's stocks to 1-1/2-year highs.

European shares hovered near recent highs on Thursday, with Britain's top equity index hitting a new peak following a rally in housebuilders and miners.

Oil prices were steady on Friday as the start of supply cuts by Saudi Arabia and Abu Dhabi supported the market, but doubts that all producers will implement output reductions agreed in a landmark deal last year kept markets from rising further.

Major Headlines of the day:

• Jagran Prakashan board approves share buyback worth Rs300 crore
• Mastek: Digility INC acquires TAISTech
• Wockhardt gets three year compliance certificate from German regulator

Trend in FII flows: The FIIs were net buyers of Rs  -86.88 Cr in the cash segment on Thursday  while the DIIs were net sellers of Rs  449.07 as per the provisional figures.

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