Market 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 40.50 points at the opening bell.

Overseas, Asian shares were trading higher following the stronger lead from Wall Street after US lawmakers reached a deal to end a government shutdown. Investors also awaited the Bank of Japan's interest rates decision due later in the day.

US stocks ended higher after the Senate reached a short-term compromise to end a government shutdown that began last week. The stopgap bill approved by the Senate on Monday will keep the US government open through 8 February 2018. The House of Representatives subsequently voted and passed the bill to reopen the government, sending it to President Donald Trump for a signature. The Dow Jones Industrial Average gained 0.6%. The S&P 500 rose 0.8%. The Nasdaq Composite Index rose 1%.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 1567.51 crore yesterday, 22 January 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 461.87 crore yesterday, 22 January 2018, as per provisional data.

Among corporate news, Indian Oil Corporation said that the board of directors of the company may consider bonus issue of shares along with its announcement of Q3 results in a meet on 30 January 2018. The announcement was made after market hours yesterday, 22 January 2018.

Key benchmark indices logged strong gains yesterday, 22 January 2018, as firmness in most global stocks supported gains on the bourses. The barometer index, the S&P BSE Sensex, gained 286.43 points or 0.81% to settle at 35,798.01. The Nifty 50 index gained 71.50 points or 0.66% to settle at 10,966.20. Both the Sensex, and the Nifty, scaled record high levels on intraday as well as on closing basis. The market gained for the fourth straight day.

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