Market may rise on positive global cues

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 7 points at the opening bell on positive global cues.

Overseas, Asian stocks were trading higher following a broad-based rally in US equities. Japan's economy grew at a much faster pace than initially estimated in the July-September quarter. The nation's gross domestic product grew at an annualized pace of 2.5% from the previous three months, according to government data released Friday.

US stocks closed higher Thursday, with the S&P 500 snapping a four-session losing streak on the back of gains in the technology, industrials and materials sectors. Traders looked ahead to the monthly jobs report due Friday. Initial US jobless claims, a way to measure layoffs, fell by 2,000 to 236,000 in the seven days ended 2 December 2017. The S&P 500 index rose 0.29%, while the Dow Jones Industrial Average added 0.29%, to 24,211.48. The tech-heavy Nasdaq Composite Index rose 0.54%.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1075.62 crore yesterday, 7 December 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 926.68 crore yesterday, 7 December 2017, as per provisional data.

Among corporate news, Power Finance Corporation (PFC) said that the company has successfully closed the deal for issuance of $400 million Green Senior Unsecured Notes offering at a fixed rate coupon of 3.75% from the international debt capital markets under Regulation S of the U.S. Securities Act of 1933 (as amended) on 6 December 2017 and completed the formalities for listing at Singapore Exchange (SGX-ST) and International Securities Market segment of the London Stock Exchange. The announcement was made after market hours yesterday, 7 December 2017.

Key benchmark indices logged strong gains in a broad-based rally yesterday, 7 December 2017. The barometer index, the S&P BSE Sensex, surged 352.03 points or 1.08% to settle at 32,949.21. The Nifty 50 index surged 122.60 points or 1.22% to settle at 10,166.70. Sharp fall in oil prices in global commodities market yesterday, 6 December 2017 also boosted investors sentiment.

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