The Indian Nifty is likely to open positive on Friday as indicated by the 52 points gain in the SGX Nifty, trading at 7,358 at 7:30 AM.
Asian markets were broadly higher tracking the rally in European and US markets overnight, following European Central Bank (ECB) President, Mario Draghi’s hint at further stimulus.
Japan’s Nikkei led the pack with over 3 percent gains at 16,559, while Hong Kong’s Hang Seng was over 2 percent higher at 18,990.
US stocks ended higher but well off session highs, led by some recovery in oil prices while European stocks finished sharply higher, as investors cheered the ECB president's pledge to review its monetary policy at its next meeting.
In commodities, crude prices surged, with Brent trading around USD 30 per barrel, as rallying financial markets gave some bearish traders reason to take profits on record short positions. The rise in prices is despite US data showing a larger-than-expected rise in record high crude and gasoline stockpiles.
Gold continued to hover around USD 1,100 dollars an ounce.
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