 "Relief rally to continue in markets; rupee seen stronger")
The Indian markets are likely to continue breathing easy today on favourable global markets and will later take cues from the first quarter GDP data due to be released today.
A major relief came from the international oil market, where Brent crude pulled back to $114 per barrel levels from the $116 per barrel after the indications that the US may delay its planned strike on Syria.
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Meanwhile, the better than expected US GDP growth data for second quarter helped the sentiment in the US.
Back home, the global crude price decline is likely to help the rupee today. Yesterday, the Indian unit had risen about 3 percent against the US dollar after the RBI opened a special window for oil companies to buy dollar. This also is likely to help the rupee today.
Indian stock markets also saw a relief yesterday because of the rupee’s rise. According to the CNBC-TV18, foreign institutional investors’ selling yesterday was the lowest in the last nine trading sessions. However, nobody expects the present pull back to be a consistent one.
SGX Nifty futures on the Singapore exchange was trading almost flat, down just about 0.1 percent at 5368.
Here are the cues to the market:
US stocks closed modestly higher on Thursday as the economy showed signs of improvement, but uncertainty over possible military action against Syria continued to pressure markets. (Reuters)
Asian stocks rose in early trading and oil prices tumbled as a possible U.S. military strike on Syria appeared less likely. (Reuters)
Gold eased on Friday as the probability of an immediate US strike on Syria faded, and strong US data rekindled fears of an imminent scale-back of the Federal Reserve’s stimulus measures.
Stocks in news
MphasiS, after its earnings yesterday.
Financial Technologies and MCX, after a report in the Economic Times that the regulator has found out that a subsidiary was trading on the MCX, flouting norms.
Real estate companies, as Land Acquisition Bill is likely to raise the land costs for them.
Economy news
The government will release the first-quarter GDP data today. A CNBC-TV18 poll has seen the data at 4.7 percent, slightly down from 4.8 percent in the fourth quarter of 2012-13.