Market may advance on positive global cues
04-Jan-18   07:58 Hrs IST

Market is seen opening higher tracking positive leads from Asian markets and overnight rally on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 18 points at the opening bell.

Overseas, most Asian shares were trading higher as solid economic data from the United States and Germany reinforced investors' optimism while oil prices hovered at 2-1/2-year high with unrest in Iran stoking supply disruption concerns.

In US, stock-market indices advanced further into record territory, with the main benchmarks closing at fresh all-time highs. The S&P 500 rose 0.6%. The Dow Jones Industrial Average advanced 0.4%. The Nasdaq Composite Index rose 0.8%.

The minutes from the latest US Federal Reserve meeting showed a distinct lack of unity over the central bank's projection of three rate hikes in 2018. Some policymakers think three rate hikes would be too aggressive, while others think such a pace would be too slow.

US factory activity increased more than expected in December, boosted by a surge in new orders growth. In Germany, the unemployment rate hit a record low of 5.5% in December.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 96.31 crore yesterday, 3 January 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 269.20 crore yesterday, 3 January 2018, as per provisional data.

Among corporate news, NBCC (India) said that the company has secured the total business of Rs 314.77 crore (approx) in December 2017 which includes construction of border fence and road along Indo-Bangladesh border in Meghalaya state amounting Rs 215.77 crore at a PMC fees of 7%. The announcement was made after market hours yesterday, 3 January 2018.

The Sensex closed with small losses while the Nifty settled a tad higher yesterday, 3 January 2018, as stocks erased early gains in volatile trading session. The barometer index, the S&P BSE Sensex, fell 18.88 points or 0.06% to settle at 33,793.38. The Nifty 50 index rose 1 point or 0.01% to settle at 10,443.20. Broader market, however, ended with decent gains. Small losses pushed the Sensex to its lowest closing in three weeks.

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