The Indian Stock Markets started off Tuesday’s trading session on a strong note, but eventually, the domestic market couldn’t sustain the late day selling pressure and closed the day well below the high. The selling pressure was evident in select FMCG, IT and Banks while Auto and Telecom offered support to the market. The Nifty ended the session at 8142 with marginal gains of 15 points and Sensex closed at 26394.01 with gains of 43.84 points. A rebound in Bank shares helped European stocks recover from their biggest drop in more than three weeks, while trading remained thin before the upcoming OPEC meeting and a widely-feared Italian referendum this weekend. CAC 40 gained 0.90 per cent and DAX gained 0.36 per cent. FTSE 100 ended with losses of 0.41 per cent.US stocks closed higher on Tuesday with the Nasdaq touching a record high, but the market failed to make much headway as oil futures slumped ahead of a key meeting of major crude producers. The Nasdaq advanced 11.11 points, or 0.2 per cent to close at 5379.92 after touching an intraday high of 5403.86. The Dow Jones industrial average rose 23.7 points, or 0.12 per cent to 19121.6; while the S&P 500 gained 2.94 points, or 0.13 per cent to 2204.66. Most of the Asian markets edged higher on Wednesday reflecting upbeat US growth news while oil steadied after a sharp drop overnight as OPEC struggled to agree on a glut-draining production cut. Hang Seng is trading higher by 0.43 per cent and Nikkei 225 is trading higher by 0.08 per cent. Shanghai composite is trading with losses of 0.65 per cent.At 7.55 am, SGX Nifty is trading 14 points higher at 8187.50, indicating a positive opening for the domestic market.
India : Markets likely to open positive catalysed by global cues
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Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.