Market may extend recovery amid strong global cues

Market is seen opening higher tracking positive leads from Asian markets and overnight rally on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 38.50 points at the opening bell.

Overseas, Asian shares rose across the board on Thursday following an overnight surge in stocks on Wall Street.

In US, the Dow logged a 1,000-point gain as equities roared back from oversold conditions. Shoppers delivered the strongest holiday sales increase for US retailers in six years, according to Mastercard Spending Pulse, which tracks online and in-store spending with all forms of payment.

On the US data front, the Case-Shiller 20-city price index rose a seasonally adjusted 0.4% in October, while the year-over-year advance fell to 5% from a revised 5.2% in September.

In the global commodities markets, Brent for February 2019 settlement jumped $4 a barrel or 7.93% to settle at $54.47 a barrel during the previous trading session.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 80.28 crore on 26 December 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 137.63 crore on 26 December 2018, as per provisional data.

Domestic stocks ended with modest gains yesterday, 26 December 2018, after a highly volatile session of trade. The barometer index, the S&P BSE Sensex, rose 234.51 points or 0.66% to settle at 35,704.66. The Nifty 50 index rose 66.35 points or 0.62% to settle at 10,729.85.

Meanwhile, the Reserve Bank of India (RBI) on Wednesday constituted an expert committee to review the extant economic capital framework of the central bank. The committee will be headed by Bimal Jalan, former RBI governor, while Rakesh Mohan, former deputy governor and former DEA (Department of Economic Affairs) secretary, is the vice chairman of the committee.

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