Global cues positive; will Nifty see record high today?

The Indian equity market is likely to have a strong rally opening on the last day of the week with the SGX Nifty indicating an opening of 6465, up 30 points after Thursday’s stellar close.

The Sensex touched a fresh life-time closing high of 21513 and the Nifty too surged above the 6400 mark. Adding to the drumrolls was the rupee that was at a three month high on positive current account deficit (CAD) data and dollar selling.

Global cues are slightly positive with the S&P 500 closing at yet another record on better-than-expected jobless claims data and the European Central Bank's move to keep rates unchanged. Europe ended flat and Asian markets are trading positive in morning trade.

In the currency space, the euro is hovering near a two-month high against the dollar in early trade and within a stone's throw of a two-month peak of USD 1.3873 hit on Thursday just after the ECB decision. Crude prices gained in early Asian trade as the market watched for any supply disruption of oil and gas from Russia to Europe as tensions in Crimea intensified.

And precious metal gold held on to sharp overnight gains to trade near a four-month high and looked poised to log its fifth straight week of gains as a weaker dollar and geopolitical tensions in Ukraine lifted its safe-haven status.