In the previous session, BSE Sensex ended 284 points higher at 55,681.95, and NSE Nifty 50 settled above 16,600.
Indian equity markets are likely to extend their rally, trends on SGX Nifty signalled. Ahead of today’s trading session, Nifty futures were trading 48 points, or 0.29% higher at 16,666.00 on the Singapore Exchange, signaling that Dalal Street was headed for a positive start.
In the previous session, BSE Sensex ended 284 points higher at 55,681.95, and NSE Nifty 50 settled above 16,600.
Global cues were positive as Wall Street’s main indexes rose on Thursday boosted by a late-afternoon rally and gains in heavyweight growth stocks, and Asian markets were also trading higher in morning deals today.
Reliance Industries will announce its fiscal first-quarter results today. Mukesh Ambani-led oil-to-telecom conglomerate is expected to have continued its robust growth in the April-June quarter, this time helped by stronger refining profitability, better telecom ARPU, and growth in the retail segment.
Oil prices
Oil prices were roughly unchanged in early trading after sliding around 3% in the previous session on weakened demand in the United States, the world's top oil consumer, and a pick-up in supply from Libya. Brent crude futures rose 17 cents, or 0.2%, to $104.03 a barrel at 0041 GMT, while U.S. West Texas Intermediate (WTI) crude futures were flat at $96.35 a barrel. WTI has been pummelled over the past two sessions after data showed that U.S. gasoline demand had dropped nearly 8% from a year earlier in the midst of the peak summer driving season, hit by record prices at the pump.
Wall Street closes higher
Wall Street's main indices rose on Thursday boosted by a late-afternoon rally and gains in heavyweight growth stocks, including Tesla. The tech-heavy Nasdaq added 1.4% to lead the gains while the S&P 500 closed at its highest level since June 9. The Dow Jones Industrial Average climbed 0.5%. The Dow Jones Industrial Average rose 162.06 points, or 0.51%, to 32,036.9, the S&P 500 gained 39.05 points, or 0.99%, to 3,998.95 and the Nasdaq Composite added 161.96 points, or 1.36% to 12,059.61.
Stocks to Watch:
Reliance Industries, JSW Steel, Bandhan Bank, Ultratech, will be in focus as they declare their June quarter earnings today.
Rupee recovers on Thursday
The rupee recovered from its all-time low of 80.06 to close 20 paise higher at 79.85 against the US dollar on Thursday following overall weakness in crude oil prices and fresh foreign fund inflows.