Market may rise 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 17 points at the opening bell.

Overseas, most stocks in Asia rose after data fueled confidence in the US economy, and as equity traders in Tokyo returned from holidays with the yen nursing a three-day slump. China's Shanghai Composite was down 0.05%. Hong Kong's Hang Seng was down 0.21%.

US stocks on Tuesday, 3 January 2017, started the first trading day of 2017 on a positive note but closed off of intraday highs as oil prices turned sharply lower, puncturing some of the initial exuberance that underpinned an early rally in the Dow Jones Industrial Average.

US manufacturing posted the fourth straight month of faster expansion in December 2016 as new orders and output jumped, pointing to a growing economy, the Institute for Supply Management said yesterday, 3 January 2017. The ISM manufacturing index rose 1.5 points from November to 54.7%, with 11 of the 18 industries surveyed reporting growth. A reading in the purchasing managers index above 50 indicates growth.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 500.49 crore on yesterday, 3 January 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 562.27 crore yesterday, 3 January 2017, as per provisional data.

Key benchmark indices logged small gains in a volatile session of trade yesterday, 3 January 2017. The barometer index, the S&P BSE Sensex, rose 47.79 points or 0.18% to settle at 26,643.24. The Nifty 50 index rose 12.75 points or 0.16% to settle at 8,192.25. Both the Sensex and the Nifty hit three-week closing highs.

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