Indian equity benchmarks may witness a gap up opening on Wednesday tracking a rally in Asian equities and a bullish finish at Wall Street overnight. SGX Nifty is trading at 18.50 points high.
Indian shares gained for a second consecutive session on Tuesday, with the NSE Nifty hitting its highest in nearly 11 months, on the back of encouraging US data and expectations of further monetary stimulus from global policymakers. The S&P BSE Sensex and CNX Nifty rose 0.66%-0.63% each
On Tuesday (July 12, 2016), the broader NSE Nifty ended up 0.63% at 8,521.05, after earlier reaching its highest level since Aug. 17, while the benchmark BSE Sensex closed 0.66% higher at 27,808.14.
Asian shares came within reach of testing their 2016 peak on Wednesday as prospects of solid U.S. growth and accommodative economic policy in major markets whet investors’ risk appetite damaged by uncertainty from Brexit.
European shares rose on Tuesday, with Italian bank stocks outperforming on expectations of measures to tackle their bad debts, while better earnings also helped carmakers’ shares.
US Market on Tuesday closed at fresh all-time highs, supported by a rally in energy shares and stronger-than-expected earnings from Alcoa Inc.
Major Headlines of the day:
• LIC may buy up to Rs30,000 crore of SUUTI assets
• GE Shipping signs contract to buy 2005 Japanese vessel
• BHEL signs $1.49 bn contract for Bangladesh power plant
Trend in FII flows: The FIIs were net buyers of Rs 212.92 Cr in the cash segment on Tuesday while the DIIs were net buyers of Rs 119.27 Cr, as per the provisional figures.
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