Sensex, Nifty likely to open in green tracking positive global cues

By: | Updated: October 6, 2015 8:50 AM

The BSE Sensex and NSE Nifty are likely to open in green on Tuesday tracking SGX Nifty and positive global cues.

stock markets outlookThe BSE Sensex and NSE Nifty are likely to open in green on Tuesday tracking SGX Nifty and positive global cues. (PTI)

The BSE Sensex and NSE Nifty are likely to open in green on Tuesday tracking SGX Nifty and positive global cues.

At 8.28 am (IST), SGX Nifty was up 56.50 points, or 0.69 per cent, at 8,196.50.

The prospect of a delay in the US Federal Reserve’s plan to raise interest rates and signs of some stability in oil and commodity markets boosted Asian stocks on Tuesday. Hang Seng and Nikkei were up 0.29 per cent and 1.49 per cent, respectively.

Japan’s Nikkei extended the rebound from eight-month low hit a week ago, helped by speculation that the Bank of Japan might adopt stimulus to support the flagging economy. The BOJ also starts its two-day policy meeting on Tuesday.

US stocks rallied Monday on renewed hopes that the Federal Reserve will delay raising interest rates. The recent readings on the US economy could force the Fed to wait until next year. The Institute for Supply Management released a report on non manufacturing index showing that growth in the service sector slowed by more than expected. US’s Dow Jones Industrial Average index jumped 1.85 per cent at 16,776.43 on Monday.

Back home, benchmark indices gained more than 2 per cent on Monday, posting their biggest single-day percentage gain in nearly nine months as expectations for a US rate hike faded after weaker-than-expected US jobs data. The Sensex gained 2.15 per cent to end at 26,785.55, while the Nifty rose 2.12 percent to end at 8,119.30. Both posted their biggest single daily gains since January 2015.

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