Indices may open higher on positive global cues

Market is seen opening higher, tracking positive leads from Asian markets and overnight gains on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 52.50 points at the opening bell.

Overseas, Asian shares were trading higher, tracking gains seen on Wall Street overnight. US stocks jumped on Thursday, with equities advancing in a broad rally that gave the Dow Jones Industrial Average its longest winning streak since February. Gains were supported by the latest economic data, which suggested the economy was healthy, but not growing so quickly that it was at risk of overheating.

In US, the consumer-price index rose 0.2% in April, while core CPI, which strips out food and energy, rose 0.1%. In another report on Thursday, the number of people who applied for first-time US unemployment benefits in early May stood at 211,000 for the second straight week, near a 49-year low.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 364.88 crore yesterday, 10 May 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 900.69 crore yesterday, 10 May 2018, as per provisional data.

Among corporate news, Gillette India and Tata Global Beverages will announce January-March 2018 quarterly results today, 11 May 2018.

Key benchmark indices ended with modest losses yesterday, 10 May 2018, as investors turned cautious ahead of the Karnataka assembly elections on 12 May 2018. Higher crude oil prices also weighed on sentiment. The barometer index, the S&P BSE Sensex, fell 73.08 points or 0.21% to settle at 35,246.27. The Nifty 50 index fell 25.15 points or 0.23% to settle at 10,716.55.

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