Indian stock markets set for a firm start on global cues
By Vinu Lal
03:05, 9 December 2021
Indian stock indices are poised to open trading on Thursday on a positive note as global equities staged a strong trend overcoming new Omicron fears.
Asia Pacific regions opened trade on a firm note as investors assessed risks associated with the virus variant. SGX Nifty futures index, which represents Indian stocks, was trading up 0.30% during Thursday morning trades at the Singapore Stock Exchange echoing similar trends.
“The banking space could continue to lead the momentum as the Bank Nifty index has seen good interest from its daily moving average support,” Ruchit Jain, Trading Strategist, at 5paisa.com.
Nagaraj Shetti, technical research analyst, HDFC Securities said, “the up-move of the last two sessions has erased the negative sentiment created by last Friday and this Monday. This is a positive indication for the short term. A decisive move above 17550-17600 levels could open further sharp upside towards the 18K mark in a quick period of time.”
Wall Street indices closed slightly higher on Wednesday, posting gains for a third consecutive trading session after new data indicated the effectiveness of vaccines against the new coronavirus variant. Dow Jones Industrial Average rose 0.1%, S&P 500 gained 0.31% on Wednesday.
Things to note before trade
- HCL Technologies and Deutsche Apotheker-und Ärztebank eG (apoBank) - the largest cooperative primary bank in Germany - have signed an agreement to acquire IT consulting company Gesellschaft für Banksysteme GmbH (gbs).
- Infosys is expanding its presence in Ireland, creating 250 jobs locally
- United Breweries has approached the appellate tribunal against the penalty imposed on the company by the fair trade regulator Competition Commission of India
- Indiabulls Housing Finance to open a public issue of bonds on Thursday to raise up to INR10bn ($132.5m)
Read More: Interest rates in India likely to stay stable until March, say leading economists