Domestic market may open flat

The Indian equity benchmarks, after opening with minor gains, soon slipped into the negative terrain and traded in a narrow range till the afternoon session. However, during the latter part of the trading session, short covering lifted the market and the indices gained for the second straight day. Stock-specific action was seen in the markets.

The European stock indices ended Thursday’s session in positive territory. The DAX of Germany advanced 0.44% and the CAC 40 of France rose 0.58%. The FTSE 100 of the UK surged by 0.89%.
 
The US’ stock indices ended the day firmly in the positive territory. The tech-heavy Nasdaq Composite index climbed 1% at 6,429 to log its first all-time high since July. The Dow Jones Industrial Average rose 60 points to close at 21,952 and the S&P 500 ended higher by 14 points to 2,472. The strength on Wall Street came following the release of a slew of data that bolstered confidence about American economy being on a solid footing.

The Asian indices opened the last trading session of the week on a positive note. The Hong Kong’s Hang Seng has jumped 39 points and Japan’s Nikkei 225 has gained 79 points. China’s Shanghai Composite has surged by 13 points.
 
The domestic market is poised to being flat with a positive bias since the cues from global peers are positive. The SGX Nifty, which was trading at 9,942 and up by 4 points, indicated a listless start for the day. Yesterday the GDP data for the April-June quarter came in at 5.7%, slowing down to a three-year low. The economy had expanded at 6.1% in the previous quarter i.e. March and at 7.9% in the April-June quarter last year.