Bull rally likely to continue on back of strong global cues

Moneycontrol BureauThe Indian equities market is likely to open in green today on the back of strong global cues.

In yesterday’s trading session the US market edged higher ahead of the employment report due today. S&P closed at 2105.26, highest closing since November 2015.

Similar is the scenario with the Asian market, Nikkei was trading up 0.72 percent in early trade Friday, despite Yen being strong and broke its two day losing streak.

SGX Nifty was trading well in green and was up 0.33 percent at 8261 at 7.40 am.

Oil prices rose despite world's top oil producers failing to set a cap on production in the OPEC meet yesterday, Brent crude prices were up 22 cents at USD 49.94 per barrel.

Weighed down by uncertainty over whether the US federal reserve will raise interest rates this summer, the US dollar fell to its lowest against the Yen in more than two weeks at 108.5.

Gold was little changed as the US dollar turned positive after the European Central Bank said it made only marginal upward adjustments to its inflation projections.

In the domestic front, BPCL got shareholder approval to hike foreign institutional investment (FII) investment limit to 49 percent. Apart for this, stocks of Dr Reddy, HUL, NMDC and MOIL will be in news today.