Indian Market Seen Extending Gains On Positive Global Cues
(RTTNews.com) - Indian shares are likely to open on a strong note, tracking cues from Asian markets, where the mood is quite upbeat following the overnight rally on Wall Street.
Most of the markets in Asia climbed notably higher this morning after the U.S. market ended on a buoyant note overnight and wiped off the losses it suffered on Christmas Eve.
Short-covering ahead of derivatives expiry helped lift stocks in the Indian market on Wednesday. Another round of such moves by traders is quite likely in today's session as well.
Crude oil prices rebounded overnight, rising from near 18-month lows, and this could be a dampener of sorts for Indian stocks. The rupee's movements will play a role as well in setting the trend.
Worries about the impact of a partial government shutdown that is likely to extend into the New Year and trade disputes are the other factors that could limit market's upside.
Hindustan Unilever will be in focus after the company said it is planning a legal battle against anti-profiteering authority. The FMCG major said it is planning to take the National Anti-Profiteering Authority to court after the authority sent it a fresh order seeking Rs 223 crore.
Sun Pharmaceutical Industries announced that its subsidiary DUSA Pharmaceuticals has got relief from US court in a patent infringement case.
NTPC will be in focus after the company said that investment approval has been accorded for Bilhaur Solar PV Project of 140 MW capacity and Auraiya Solar PV Project of 20 MW capacity.
On Wednesday, the benchmark BSE Sensex, which plunged 460 points to a low of 35,010.82, rallied to 35,711.26 before eventually settling at 35,649.94 with a gain of 179.79 points, or 0.51%.
The National Stock Exchange's Nifty50 ended up 66.35 points, or 0.62%, at 10,729.85, nearly 200 points off the day's low of 10,534.55.
U.S. President Donald Trump's criticism of the Federal Reserve's monetary policy stance was among the major reasons for Wall Street's declines in some of the previous sessions. Earlier this week, Trump described the Fed as the "only problem our economy has" as the central bank raises interest rates, raising doubts that the Fed chief could be asked to leave.
According to reports, Kevin Hassett, chairman of the White House Council of Economic Advisers, has stated that the Fed Chairman Jerome Powell's job was not in jeopardy.
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