Market likely to open in green; eyes on ECB meeting
Chirag Gothi / 10 Mar 2016
Most major Asian markets rebounded Thursday morning, except Chinese market, due to a positive lead from the U.S. market and crude oil closing at its highest for three months. While on domestic front, A SGX Nifty 50 index future for March series traded up 28.5 points at 7,562. Indian markets are likely to open in green on account of positive global cues. Investors are awaiting a European Central Bank policy meeting set for Thursday.
For the most part of the day, Indian equities market traded with a negative bias but there was selling pressure in the last one hour of trade due to continued expectations that RBI would bring down the policy rate. The Sensex extended gains for the sixth straight session to close about 135 points higher at 24,793.96; and Nifty reclaimed the 7,500-level, advancing 46 points to settle at 7,532. Among the broader markets, BSE Midcap index closed 0.8% higher while BSE Smallcap index finished flat.
U.S. stocks finished slightly higher after a low profile day on Wednesday, as a rally in oil prices and sharp advances in energy and tech stocks kept the main indexes buoyant. The Dow Jones Industrial Average rose 36.26 points, or 0.2%, to 17000.36. The S&P 500 gained 0.5%, while the Nasdaq Composite added 0.6%.
Oil prices were up roughly 3% after U.S. weekly oil supplies rose less than expected. WTI oil prices settled 4.9% higher at USD 38.29 a barrel, a more-than three-month high. Brent crude rose USD 1.42, or 3.6%, to USD 41.07 a barrel, also the highest level of the year.
Europe's main stock markets drifted higher on Wednesday amid surge in crude-oil futures and energy stocks, ahead of the European Central Bank’s highly anticipated policy decision on Thursday. The Stoxx Europe 600 closed up 0.5% at 339.14. Germany’s DAX 30 rose 0.3% to 9,723.09 and France’s CAC 40 rose 0.5% to 4,425.65. The U.K’s FTSE 100 ended higher by 0.3% at 6,146.32.
Most major Asian markets rebounded Thursday morning, except Chinese market, due to a positive lead from the U.S. market and crude oil closing at its highest for three months. Japan's Nikkei climbed 1% and Australian shares added 0.2%. South Korea's KOSPI rose 0.6%. New Zealand’s S&P/NZX 50 Index surged 0.7% after New Zealand surprised markets with a rate cut. Chinese markets were lower, with the Shanghai composite down 0.82%.
While on domestic front, A SGX Nifty 50 index future for March series traded up 28.5 points at 7,562. Indian markets are likely to open in green on account of positive global cues. Investors are awaiting a European Central Bank policy meeting set for Thursday.
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