Markets may extend rally on positive global cues

Indian markets look set to extend the previous session’s rally on Wednesday on supportive global cues. As per early SGX indication, Nifty Fut (Nov) may open around 10,378, up by 22 points at the opening bell.  

Asian markets are trading firm in early deals on Wednesday, following the strong lead from Wall Street. Japan's  Nikkei 225 has jumped 0.77% and Hong Kong’s Hang Seng has surged 0.87%, while China’s Shanghai Composite has gained 0.60%.  

Back home, equity benchmarks extended their winning streak for a fourth session in a row on Tuesday. The broader markets underperformed benchmarks as the Nifty Mid-Cap and Small-Cap indices gained 0.16% and 0.22%, respectively. Sector-wise, Nifty Pharma surged over 2% and, on the other hand, Nifty Realty lost the most. At the end of the session, BSE Sensex settled at 33,478 with gains of 0.36% and Nifty closed at 10,327, up by 0.27% .  

The US stocks ended Tuesday’s session firmly in the positive territory after a round of solid corporate earnings. All three benchmark indices hit fresh records. The tech-laden Nasdaq Composite led as it gained 1% to settle at 6,862. The Dow Jones Industrial Average surged 161 points to close at 23,591 and the S&P 500 climbed 17 points to finish at 2,599.  

The European equities ended higher on Tuesday on the back of some positive corporate news. The German DAX index gained 0.83%, the French CAC 40 index inched up 0.48% and the FTSE 100 of the UK added 0.30%