npavan78
29-05-2009, 09:27 AM
Stocks are likely to open higher Friday tracking gains across global markets. However, given that the May F&O series is out of the
way, some amount of profit booking may be witnessed as the day progresses.
Investors will keep an eye on the GDP figures to be announced later Friday. The country’s economic growth is expected to have slowed to a six-year low in the March quarter to 5.21 per cent, according to a Reuters poll.
Meanwhile, US stocks advanced overnight as rising oil prices drove up shares of energy companies and the latest Treasury auction eased worries over demand for government debt.
The Dow Jones Industrial Average was up 103.78 points, or 1.25 per cent, at 8,403.80, the Standard & Poor's 500 Index climbed 13.77 points, or 1.54 percent, at 906.83, and the Nasdaq Composite Index rose 20.71 points, or 1.20 percent, at 1,751.79.
Asian stocks were also trading higher on the back of gains in mining companies after better-than-expected Japanese factory output report lifted copper prices. Chinese and Taiwanese markets were shut Friday on account of a trading holiday. The Nikkei edged 0.06 per cent higher, Hang Seng rose 0.38 per cent, Straits Times added 1.18 per cent and S&P/ASX inched up 1.44 per cent.
Back home, shrugging off negative cues from global markets, the Indian stock market outperformed its Asian peers on the settlement day of the F&O contracts expiry for the month of May.
National Stock Exchange’s Nifty climbed 1.43 per cent or 61.05 points to 4337.10. The index touched a high of 4354.85 and low of 4254.85 during the day.
Bombay Stock Exchange’s Sensex settled at 14,296.01, higher by 1.32 per cent or 186.37 points. The index surged to a high of 14,377.23 and touched a low of 14,078.62 during the day.
way, some amount of profit booking may be witnessed as the day progresses.
Investors will keep an eye on the GDP figures to be announced later Friday. The country’s economic growth is expected to have slowed to a six-year low in the March quarter to 5.21 per cent, according to a Reuters poll.
Meanwhile, US stocks advanced overnight as rising oil prices drove up shares of energy companies and the latest Treasury auction eased worries over demand for government debt.
The Dow Jones Industrial Average was up 103.78 points, or 1.25 per cent, at 8,403.80, the Standard & Poor's 500 Index climbed 13.77 points, or 1.54 percent, at 906.83, and the Nasdaq Composite Index rose 20.71 points, or 1.20 percent, at 1,751.79.
Asian stocks were also trading higher on the back of gains in mining companies after better-than-expected Japanese factory output report lifted copper prices. Chinese and Taiwanese markets were shut Friday on account of a trading holiday. The Nikkei edged 0.06 per cent higher, Hang Seng rose 0.38 per cent, Straits Times added 1.18 per cent and S&P/ASX inched up 1.44 per cent.
Back home, shrugging off negative cues from global markets, the Indian stock market outperformed its Asian peers on the settlement day of the F&O contracts expiry for the month of May.
National Stock Exchange’s Nifty climbed 1.43 per cent or 61.05 points to 4337.10. The index touched a high of 4354.85 and low of 4254.85 during the day.
Bombay Stock Exchange’s Sensex settled at 14,296.01, higher by 1.32 per cent or 186.37 points. The index surged to a high of 14,377.23 and touched a low of 14,078.62 during the day.