Nifty opens at all-time high

After scaling all-time closing highs, benchmaks opened on a firm note tracking positive global  cues.  Investors now hope that the pre-eleciton rally fuelled by foreign funds along with an increased participation from retail investors will drive markets higher in the near-term.

The 30-share BSE Sensex opened 51 points higher at 21,567 while 50-unit NSE Nifty opened at its all-time high levels, up 17 points from yesterday's close at 6,420 levels.


Market Wrap

On technical parameters, “The trend deciding level for the day is 21,456 / 6,382 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 21,583 – 21,652 / 6,425 – 6,449 levels. However, if NIFTY trades below 21,456 / 6,382 levels for the first half-an-hour of trade then it may correct 21,387 – 21,261 / 6,358 – 6,316 levels,” says Angel Broking in a morning note.

Global cues

The US markets remained firm on Thursday, as investors focused on a various economic reports and speeches from several Federal Reserve officials as well as remarks from the ECB President Mario Draghi. The ECB left the interest rates unchanged. A report from the Labor Department showed that initial jobless claims dropped to 323,000 in the week ended March 1st, a decrease of 26,000 from the previous week's revised figure of 349,000, which led to an initial strength on key benchmark indices there. The released data is positive for the labor market scenario. Investors will now eye the monthly jobs report set to be released today. Meanwhile, European markets remained lackluster on Thursday, rising modestly after European Central Bank Mario Draghi hinted that policy makers have no plans for further monetary stimulus.

The Indian markets rose higher on Thursday, adding to the previous session's rally. An improvement in CAD, positive global cues and consistent support from foreign institutional investors (FIIs) fueled the rally.