Market opens higher, key data eyed

Investors will now watchout for the April-November fiscal deficit reading due later in the day.

Markets opened higher on the last day of 2013 tracking mixed global cues. It is likely to stay rangebound as investors will keenly eye the April-November fiscal deficit reading due later in the day.

 

The 30-share Sensex of the Bombay Stock Exchange (BSE) opened 85 points higher at 21,213 as compared to its previous close while the 50-unit National Stock Exchange (NSE) NIfty index opened at 6314, up 22 points.

 

Stock markets are expected to continue their bull run this week amid robust overseas investments while global cues and quarterly earnings, starting next month, will dictate near-term trend on the bourses, say experts.

 

Overnight, US stocks closed mostly flat on Monday, with the Dow edging up to another record closing high and the S&P 500 index's advance stalling in response to light trading volume and weaker-than-forecast housing data. The benchmark S&P 500 had climbed 3.7 percent over the previous two weeks, the index's best fortnight since July.

 

The gains came after mounting signs that the economy was gaining strength, leading the Federal Reserve to announce that it will scale back its stimulus.

 

The S&P 500 has soared 29.1% this year and is on track for its best year since 1997, powered largely by the central bank's stimulus measures. The Dow has jumped 25.9% and the Nasdaq has surged 37.6% this year.

 

Asian stocks traded in a narrow range on the final day of the year in extremely light trade with markets in Japan, South Korea shut for holidays. China's Shanghai Composite was up 0.10% or 2.01 points at 2,099.53. The SGX Nifty is up 27 points at 6,360.