Market may extend gains

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 11.50 points at the opening bell on positive economic cues.

Overseas, most Asian shares rose as US jobs data pointed to firm economic growth. US stock indices closed at all-time highs on Thursday, while the Dow topped the 25,000 milestone for the first time. The Dow Jones Industrial Average rose 0.6% to finish at 25,075.13. The S&P 500 rose 0.4%. The Nasdaq Composite Index gained 0.2%.

The US ADP National Employment Report on Thursday showed US private employers added 250,000 jobs in December, the biggest monthly increase since March. Meanwhile, initial jobless claims, a tool to measure layoffs, rose 3,000 to 250,000 in the seven days ended 30 December 2017, the Labor Department said Thursday. The number of people already collecting unemployment benefits, known as continuing claims, fell 37,000 to 1.91 million.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 212.05 crore yesterday, 4 January 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 325.24 crore yesterday, 4 January 2018, as per provisional data.

Among corporate news, Bharti Airtel said that the company and Samsung announced a strategic alliance to bring a range of affordable 4G smartphone options to customers. As a part of this alliance, four top models from Samsung's popular Galaxy J-series range will be available with attractive cashback offers, bringing down the effective price of the device and making them highly affordable for customers. All devices will come bundled with Airtel's special recharge pack of Rs 199 that offers 1 GB data per day and unlimited calling. The announcement was made after market hours yesterday, 4 January 2018.

Shares of public sector banks will be watched. Media reports suggested that the Lok Sabha on Thursday gave its approval to the central government's request for additional spending of Rs 80000 crore to boost the capital health of public sector banks. The latest approval of funds will be utilised by March this year. The matter will now be heard in Rajya Sabha on Friday, 5 January 2018, reports added.

The stock market closed with modest gains yesterday, 4 January 2018, as positive cues from global markets boosted investor sentiment. The barometer index, the S&P BSE Sensex, rose 176.26 points or 0.52% to settle at 33,969.64. The Nifty 50 index advanced 61.60 points or 0.59% to settle at 10,504.80.

Powered by Capital Market - Live News