Domestic equity markets are set for a gap-up opening on Wednesday, thanks to the positive global cues. US stocks rallied in the overnight trade, while Asian peers rose in the early trade. Back home, all eyes are set on key Q1 earnings. Here's breaking down the pre-market actions:
STATE OF THE MARKETS SGX Nifty signals a positive startNifty futures on the Singapore Exchange traded 172 points, or 1.05 per cent, higher at 16,509.5, signaling that Dalal Street was headed for a positive start on Wednesday.
- Tech View: Nifty50 on Tuesday settled higher for the third straight day. It formed a bullish candle on the daily chart and according to analysts 16,500 level looks a good possibility.
- India VIX: The fear gauge jumped mildly, less than a per cent to 17.20 level on Monday over its close at 17.16 on Tuesday.
Asian shares rally at openAsian shares rallied at the open on Wednesday on hopes that the current corporate earnings season will suggest companies are withstanding the impact of higher inflation and rising interest rates. MSCI's index of Asia-Pacific shares outside Japan was up by 1.27 per cent.
- Japan's Nikkei rallied 2.34%
- Australia's ASX 200 gained 1.80%
- New Zealand's DJ jumped 1.90%
- South Korea's Kospi surged 0.95%
- China's Shanghai advnaced 0.43%
- Hong Kong's Hang Seng rose 2.03%
US stocks settle higherUS stocks closed with sharp gains on Tuesday as more companies joined big banks in reporting earnings that beat forecasts, offering respite to investors worried about higher inflation and a tightening Fed denting the corporate bottomline.
- Dow Jones rallied 2.43% to 31,827.05
- S&P 500 surged 2.76% to 3,936.69
- Nasdaq zoomed 3.11% to 11,713.15