Stock Market Prediction for Today

Global positivity to cheer Nifty; green opening likely

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Global positivity to cheer Nifty; green opening likely

The Indian equity market is expected to open in the green today with the SGX Nifty trading at 7826.50, up 90.50 points. After six days of struggle, the bulls finally got some respite on Dalal Street with a global relief rally aiding the market. The Sensex was up 424.06 points or 1.7 percent at 25317.87 and the Nifty gained 129.45 points or 1.7 percent at 7688.25. 

In other asset classes, the renewed risk appetite helped the dollar gain against the safe-haven yen, but the greenback still inched lower against the euro. The dollar index was trading below USD 96 mark. Brent crude rose almost 4 percent to USD 49 per barrel overnight as rally in equity markets helped the global oil benchmark recover substantially. Precious metal gold traded steady around USD 1120 an ounce, but it remained close to three-week lows as uncertainty over a looming US interest rate hike persisted.

Globally, Wall Street traded after a three-day long weekend and with a bang. Major US indices rallied over 2 percent for their second-best day of the year.

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