Trade Nivesh | Nifty likely to open with gains on global cues
The equity benchmark indices are expected to open higher following the global cues.
The US markets ended with little gains after the Federal Reserve kept its interest rates unchanged with dovish tone. However, the US central bank has hinted to cut rates later this year.
On Wall Street, the S&P 500 gained 0.3% to 2,926, just 19 points off its record closing high hit on 30 April.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2% while Japan's Nikkei gained 0.5%. The MSCI ACWI, which incorporates readings of 49 equity markets across the world, gained 0.2%, having recovered a large part of its losses made after US President Donald Trump threatened new tariffs on all of China's imports last month.
The rally in stocks comes as a host of Asian central banks are scheduled to hold policy meetings later in the day, with most expected to flag moves toward looser monetary settings.
SGX Nifty trends suggest a positive opening for Indian equities as it has risen 40 points or 0.34%.
Sensex on Wednesday closed at 39,112.74 rising 66.40 points, or 0.17%, while the broader Nifty ended almost flat 11,691.45 with 0.05 points of gain.
"Technically, while the markets have ended flat on Wednesday, the underlying trend remains up. Further upsides are likely in the near term once the immediate resistance of 11959 is taken out. Crucial supports to watch for resumption of weakness is at 11865-11812," said Deepak Jasani, head of retail research at HDFC Securities.
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