Markets set to open in the green amid positive global cues

Indian equity markets are poised to open in the green on Thursday following positive cues from global markets. Markets are expected to take further cues from the GST Council meet on November 9 & 10 in Assam. This meeting is likely to be crucial in more ways than one. Firstly, the Council is likely to slash GST rates on nearly 80% of the items that are in the peak 28% bracket and also major announcements are expected in terms of simplification of the process for filing GST returns. The SGX Nifty indicates that Nifty could rise 26 points and open around 10,385 at the opening bell.  

The stocks of companies like Amara Raja Batteries, Aptech, Aurobindo Pharmaceuticals, Bajaj Electricals, CG Power, Granules India, India Cements, IGL, JSPL, PTC India, NHPC, Tata Motors, HPCL, SRF and SAIL will be in focus today as these companies are expected to announce earnings today.   

Asian shares hovered near their decade highs on Thursday following gains on Wall Street overnight with all the three major indices closing at record highs. Japan's  Nikkei 225 has surged 1.88% followed by Hong Kong’s Hang Seng which has risen 0.70% while China’s Shanghai Composite has added 0.09%.  

Back home, benchmark indices extended losses for the second consecutive session on Wednesday, dragged down by index heavyweights such as Vedanta, Bharti Airtel, Tata Motors, Yes Bank and SBI. Sector-wise, Nifty PSU Banks declined the most, plunging about 2%, followed by Metal and Realty. On the other hand, Nifty IT continued to outshine as it extended its rally for the third consecutive session. Heavy selling was seen in the broader markets as Nifty Mid-Cap and Small-Cap indices dropped 0.64% and 1.07%, respectively. At the end of the day, Sensex settled at 33,218 with loss of 152 points and Nifty settled at 10,303 with loss of 47 points.  

The US stocks eked out modest gains on Wednesday, with all the three equity benchmarks finishing at all-time highs. The Dow Jones Industrial Average added 6 points to settle at 23,563. The Nasdaq Composite Index gained 21 points to settle at 6,789 and the S&P 500 edged up 4 points to 2,594.  

European indices ended Wednesday’s session on a mixed note. The German DAX index closed justabove the neutral line and the FTSE 100 of the UK added 0.02%, while the French CAC 40 index slipped 0.20%.