Indian benchmark indices could open soft. The market indicator SGX Nifty was trading down 17 points at 7974 at the time of writing this article. However, US and Europe closed higher yesterday.
The Indian benchmark indices could open soft because market indicator SGX Nifty is trading down 17 points at 7974 at the time of writing. But US and Europe closed higher on Tuesday. Asian markets too are trading positive in the morning.
The Indian market was closed for trading on Tuesday.
US stocks closed mixed, amid a rise in oil prices, as declines in tech and consumer discretionary stocks weighed after mixed earnings reports.
The S&P 500 and Dow Jones closed at their highest levels of the year so far. The S&P 500 closed above the psychologically key 2,100 level for the first time since December 1, 2015.
Stocks in Europe closed higher, as a sharp uptick in oil prices and commodity stocks boosted sentiment, along with an encouraging set of corporate updates. London's FTSE index hit a four-month high during the session.
On the home front, Wipro will be reporting its fourth quarter earnings today. The IT company is likely to meet its fourth quarter guidance. According to an average of estimates of analysts polled by CNBC-TV18, dollar revenue may increase 2.8 percent sequentially to USD 1,890 million in March quarter against company's guidance of USD 1,875-1,912 million (a growth of 2-4 percent).
From other asset class, the US dollar hit 10-month lows against some commodity currencies on a growing appetite for risky assets and lost further ground to the euro after weak US economic data reinforced views that Federal Reserve monetary policy would remain dovish.
Crude prices declined after a 3 percent rally overnight. However, gold prices rose above USD 1250 an ounce as the dollar weakened.
Shifting focus back home, Finance Minister Arun Jaitley is bullish on India's growth and in an interview to CNBC-TV18 said: “India is growing the fastest globally, and a good monsoon would work wonders for the economy.”
Meanwhile, in a curious turn of events, the Enforcement Directorate raided Sequoia Capital's office in Bengaluru as a part of its investigation into alleged foreign exchange violations relating to sequoia's investments into Vasan Healthcare, Sequoia confirmed the raid.
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