Indian equities are likely to open positive on Thursday, Jan. 28, 2010. SGX Nifty is trading at 4,888 (8.01 am), 53 points higher than Wednesday`s closing of 4,835.
Asian stocks rose for the first time in nine days, led by electronics and technology companies, after Canon Inc. forecast its biggest profit increase in a decade. Japanese benchmark index Nikkei 225 rose 152.75 points, or 1.49%, to trade at 10,404.83.
US stocks recovered from an early slide to end moderately higher after the Fed issued a more upbeat assessment of the economy following a two-day meeting on interest rates. The Dow Jones industrial average rose 41.87 points, or 0.41%, to 10,236.16. Among Indian ADRs, Sterlite Industries (India) (1.39%), Infosys Technologies (0.68%), Dr Reddy`S Laboratories (0.59%) were major gainers. On the other hand, I C I C I Bank (0.75%), MTNL (2.64%), Wipro (3.03%), Satyam Computer Services (3.39%) was major losers.
In the spot market, the Dollar Index increased 0.309% to 78.92. It touched a high of 79.07 and a low of 78.73 after opening at 78.73. (21:19 ET)
European stocks dropped for the fifth time in six days amid concern Europe, China and the US will step up plans to unwind stimulus measures. UK`s benchmark index FTSE 100 declined 59.38 points, or 1.13%, to end at 5,217.47.
Oil prices continued their two-week slide on Wednesday after a government report showed demand for crude products dropped even further from the weak levels of a year ago when the recession`s grip on the economy was strongest. Benchmark crude for March delivery fell USD 1.04 to settle at USD 73.67 a barrel on the New York Mercantile Exchange.
Thursday, January 28, 2010
Positive global cues may push market higher today
Posted by Admin at 8:58 AM
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