Sensex Set to Open Higher on Strong Global Cues

Sensex and Nifty are set to open higher in trades today tracking positive trading of Nifty futures on the Singapore Stock Exchange amid strong global cues.

The Nifty futures traded on Singapore Stock Exchange also known as the SGX Nifty traded 0.8 per cent or 62 points higher at 7,796.

Meanwhile, Asian share markets rallied on Wednesday as a revival in risk appetite knocked back the yen and oil ran into only modest profit-taking after reaching a major chart milestone that augured well for further gains ahead.

Japan’s Nikkei led the bounce with a rise of 2.6 per cent to reach its highest in eight sessions. MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.5 per cent and Australia gained 0.9 per cent.

Meanwhile, Hong Kong’s Hang Seng was up 2.11 per cent and China’s Shanghai Composite advanced 1.8 per cent.

Overnight, Wall Street gained on Tuesday, led by surging energy shares that were buttressed by rising oil prices, as investors scooped up equities at the start of corporate earnings season.

All 10 S&P sectors closed higher and the Dow industrials posted their best day in about a month.

The Dow Jones industrial average rose 164.84 points, or 0.94 per cent, to 17,721.25, the S&P 500 gained 19.73 points, or 0.97 per cent, to 2,061.72 and the Nasdaq Composite added 38.69 points, or 0.8 per cent, to 4,872.09.

Back home, retail inflation eased in March to a six-month low, helped by smaller rises in food prices, giving relief to policymakers as they strive for faster economic growth without unleashing price pressures.

Raghuram Rajan, governor of the Reserve Bank of India (RBI), cut policy rates by 25 basis points last week to a more than five-year low, saying he could look for more room to ease if inflation trends stay benign.

Meanwhile, foreign institutional investors bought shares worth Rs 307.72 crore while domestic institutional investors sold shares worth Rs 61.74 crore on Tuesday.

(With inputs from Reuters)

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