MARKET LIVE: Gap up open likely on strong global cues; SGX Nifty up 350pts

2 weeks ago 29

A gap up open is likely for the Indian equity markets on Friday amid strong global cues and weaker dollar. At 7:50 am, the SGX Nifty quoted at 18,378 levels, 350 points higher.

Globally, the US markets skyrocketed overnight as investors cheered cooler inflation report. The core consumer price index (CPI) slowed to 7.7 per cent in October, which came below street estimates, and hit the lowest level since January. 

This, therefore, sparked sharp rally in Wall Street as Dow Jones, NASDAQ Composite, and the S&P 500 indices surged up to 7 per cent, posting biggest one-day rallies since 2020.

Asia-Pacific markets, too, inched up as Nikkei 225, Kospi, Shanghai Composite, and Hang Seng indices climbed up to 5 per cent.

On the commodities front, prices of Brent Crude climbed over 1 per cent to $93 per barrel, whereas WTI Crude rose 0.1 per cent to $86 per barrel.

Back home, companies like LIC, M&M, Fortis Healthcare, BHEL, and Delhivery will report the July-September (Q2FY23) quarter results today.

Among individual stocks, shares of Zomato will be in focus after net loss narrowed to Rs 251 crore for Q2FY23.

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