Market may see opening gains on positive global cues
09-Jan-18   08:12 Hrs IST

Market may open higher tracking positive sentiment in overseas markets. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 19.50 points at the opening bell.

Overseas, Asian stocks edged higher as investors in the region digested earnings guidance from tech heavyweight Samsung Electronics and kept an eye on ongoing inter-Korea talks. North and South Korea have begun high-level talks, the first between the countries in two years. The meeting, at the Peace House in the truce village of Panmunjom, will focus on North Korea's possible participation in the 2018 Winter Olympic Games, taking place in South Korea in February. US President Donald Trump called the talks a big start, adding that it would be a great thing for all of humanity if they resulted in a positive outcome.

In the US, the S&P 500 and Nasdaq composite finished Monday's session at all-time highs as investors remained optimistic on the US economy.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 692.83 crore yesterday, 8 January 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 206.30 crore yesterday, 8 January 2018, as per provisional data.

Among corporate news, Tata Motors will be watched after its foreign unit, Jaguar Land Rover (JLR), reported a 0.6% growth in retail sales to 55,697 vehicles in December 2017 over December 2016. Jaguar retail sales fell 7.8% to 15,079 units as solid sales of the long wheel base Jaguar XFL in China and the introduction of the E-PACE were more than offset by softer sales of XE and XJ. Land Rover retail sales rose 4.1% to 40,618 units led by the introduction of the Range Rover Velar and the sales ramp up of the all new Discovery. The announcement was made after market hours yesterday, 8 January 2018.

The stock market registered modest gains on positive global cues yesterday, 8 January 2018, with the barometer index, the S&P BSE Sensex and the Nifty 50 index, hitting record high levels in the intraday as well as on closing basis. The Sensex had risen 198.94 points or 0.58% to settle at 34,352.79.

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