1. Stock markets likely to open in green on firm global cues

Stock markets likely to open in green on firm global cues

Extending their Wednesday gains, the Indian stock markets may open in green today tracking global cues.

By: | Updated: July 16, 2015 8:50 AM
STOCK markets

The BSE Sensex on Wednesday closed 265 points up to regain the 28,000 mark. Nifty marked its highest close in nearly three months that ended nearly 70 points up above 8500 level. (PTI)

The Indian stock markets may extend their Wednesday’s gain and are expected to open in green on Thursday tracking global cues.

The BSE Sensex on Wednesday closed 265 points up to regain the 28,000 mark. Nifty marked its highest close in nearly three months and ended above 8500 level by surging nearly 70 points.

Asian stocks were mostly higher on Thursday after the Greek parliament approved a bailout plan while the dollar stood tall after Federal Reserve Chair Janet Yellen reinforced expectations for a US rate hike.

Japan’s Nikkei rose 0.5 percent, as did Australian shares. South Korea’s Kospi was up 0.2 percent.

MSCI’s broadest index of Asia-Pacific shares outside Japan  was flat, with the focus on how Chinese shares will fare when they begin trading.

The Greek parliament passed a sweeping bundle of austerity measures demanded by European partners, a price to pay for opening talks on a multi-billion euro bailout package near-bankrupt Athens needs to stay in the euro zone.

The euro, already beaten down overnight against the dollar by Yellen’s rate views, showed limited reaction to the Greek vote outcome which did not surprise many in the market.

Yellen repeated her view that the Fed will likely hike interest rates  this year if the US economy expands as expected, and cited improvement in the labour market.

The New Zealand dollar slumped under a similar predicament after weaker-than-expected inflation data cemented expectations for a rate cut there as early as next week.

The US stock market edged lower Wednesday, ending a four-day rally, as a drop in energy shares and jitters over Greece outweighed encouraging earnings reports from banks.

The Standard & Poor’s 500 index edged down 1.55 points, or less than 0.1 per cent, to 2,107.40. The Dow Jones industrial average slipped 3.41 points, or less than 0.1 per cent, to 18,050.17. The Nasdaq composite fell 5.95 points, or 0.1 per cent, to 5,098.94.

(With agency inputs)

 

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