Indian markets opened on a positive note on Wednesday, on the back of SGX Nifty and other Asian counters which are trading on a mixed note today. At 11.05 am, while the Sensex was trading 57.94 points up at 26271.38, the Nifty was trading at 8064.45, up by 31.60 points.
The US markets finished slightly higher on Tuesday in sluggish trade, following the Christmas holiday. The Dow Jones Industrial Average rose 0.1%, to end at 19,945, remaining just shy of the psychologically important 20,000 milestone. The Nasdaq Composite however, notched a record close, finishing with a gain of 0.5% at 5,487. The S&P 500 notched a minor rise, up 0.2% at 2,269.The UK markets were closed on Monday.
According to a research note by SMC Investments and Advisors Ltd, the Asian markets opened flat during early trade and the US stocks closed higher with modest gains in steel and oil sectors. Treasury yields and crude oil traded on higher and data on consumer confidence and home prices in major metropolitan areas directed a positive move to the US economy, which are building the confidence in investors.
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European stocks ended mostly higher in thin holiday trade, with banks in focus after the European Central Bank told troubled Italian lender Monte dei Paschi di Siena that it needs about 8.8 billion Euros to mend its finances. Moreover, mild upside is expected in the Asian bourses due to higher US market and crude. Crude was lower after climbing for a seventh day, while the yen slipped for a second day. As per provisional figures, foreign institutional investors (FIIs)/ foreign portfolio investors (FPIs) sold shares worth net Rs 712.17 crore on 27th December 2016. Domestic institutional investors bought shares worth Rs 1502.41 core on that day.
The Indian market ended on a strong positive note yesterday shrugging off the negativity accumulated over last many weeks. The BSE Sensex closed higher by 406 points at 26,213 while the Nifty 50 of the NSE rose 125 points to 8,033. The rebound came after Monday’s highly volatile session, which was sparked after PM’s comment on tax regime. The market, however, saw strong support in the Finance Minister’s comment which indicated of globally competitive tax rate regime and possible tax rate cuts in the upcoming budget. He has assured the markets that the government has no intention to impose tax on long-term capital gains on share earnings, noted a report by Angel Broking.