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Market may spurt on strong global cues
29-Nov-18   08:05 Hrs IST

Domestic shares may spurt, tracking strong leads from Asian market and overnight rally on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 97 points at the opening bell.

Overseas, Asian shares jumped on Thursday, tracking a Wall Street rally as dovish comments from Federal Reserve Chair Jerome Powell boosted investor sentiment towards riskier assets.

US stocks surged overnight, spurred by a remarks from Fed Chairman Powell who said he considers the central bank's benchmark interest rate to be near a neutral level. The comments were viewed by investors as a retreat from his stance in early October when he had said that the central bank may go past neutral, but we are a long way from neutral at this point, probably.

On the US data front, the Commerce Department said gross domestic product grew at a 3.5% annualized rate in the third quarter, in a second estimate that matched the first.

Separately, data showed the deficit in advanced goods trade widened to $77.2 billion in October from $76.3 billion the previous month. Further, new home sales fell to an annualized rate of 544,000 in October, below the revised September rate of 597,000 new homes, the Census Bureau reported Wednesday.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 961.26 crore on 28 November 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 330.29 crore on 28 November 2018, as per provisional data.

Indian equity indices logged gains for third day in a row yesterday, 28 November 2018, led by gains in index pivotals. Positive global cues boosted investors sentiment. The barometer index, the S&P BSE Sensex, rose 203.81 points or 0.57% to settle at 35,716.95. The Nifty 50 index rose 43.25 points or 0.40% to settle at 10,728.85.

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