Market May Open Higher On Positive Asian Stocks
Chirag Gothi / 16 Dec 2015
Asian stocks rose on Wednesday as a sharp rebound on Wall Street's rise before a likely hike in U.S. interest rates. The Fed's decision is due on Thursday. A SGX Nifty 50 index future for December delivery was up 42 points at 7,742. Indian market may open higher following other Asian market.
Indian equitiy markets gained for the second straight day on Tuesday driven by rally in oil exploring companies such as Reliance Industries and ONGC, tracking a rise in crude oil prices after a slump to near 11-year lows in the previous session. The Sensex closed the day’s trade up 170 points or 0.68% at 25,320.49, while the Nifty closed above 7,700 marks up 50.85 points or 0.66% at 7,700.90 points. The broader markets closed in-line with the benchmark indices. The BSE Mid-Cap and Small-Cap indexes rose 0.56% and 0.69% respectively.
At global front, U.S. stock markets made its biggest gain in a week due to rebound in the energy sector. Energy stocks rose as the price of crude oil jumped 3%, and banks moved higher a day ahead of a long anticipated meeting of the Federal Reserve’s interest-rate setting committee. The Dow Jones industrial average rose 156 points, or 0.9%, to 17,524. The S&P 500 index climbed 21 points, or 1.1%, to 2,043. The Nasdaq composite climbed 43 points, or 0.9%, to 4,995.
U.S. crude rose USD 1.04, or 2.9%, to USD 37.35 a barrel in New York. Brent crude, a benchmark for international oil, rose 53 cents, or 1.4%, to USD 38.45 a barrel in London. However, oil is still down 30% in 2015 and is at its lowest in more than six years.
European stock markets too closed on positive note after five days consecutive losses, as investors cheered a recovery in oil prices and positive data from the auto sector. The pan-European Euro Stoxx 600 rallied 2.9% after falling more than 6% over the previous five sessions. France’s CAC was up 3.16 per cent to 4,614.40 and Germany’s DAX gained 3.07% to 10,450.38. The U.K’s FTSE 100 index climbed 2.5% to finish at 6,017.79.
Asian stocks rose on Wednesday as a sharp rebound on Wall Street's rise before a likely hike in U.S. interest rates. The Fed's decision is due on Thursday. Japan’s NIKKEI 225 index gained 2.1% with financial sectors seeing the biggest gains in morning trade. Australia’s S&P/ASX 200 Index added 2.1% and New Zealand’s NZX 50 Index rose 0.67%. South Korea’s Kospi index advanced 1.56%. The main Shanghai Composite index was up 10 points, or 0.26%, at 3,519.
A SGX Nifty 50 index future for December delivery was up 42 points at 7,742. Indian market may open higher following other Asian market.
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