Home / Markets / Stock Markets /  Indian markets may open marginally higher on cues from global peers

MUMBAI: Indian markets may open marginally higher on Friday tracking slight gains in SGX Nifty.

On Thursday, the Sensex closed at a fresh closing high of 52,300 points, up 0.69% while Nifty ended a fresh record high of 15,737.75 points, up 0.65%.

Asian stocks were steady early on Friday after US shares and treasuries rallied as investors judged that a jump in inflation is likely to be transitory, leaving scope for ongoing central bank support.

Japanese shares fluctuated, South Korea rose and Australia slipped. The S&P 500 Index climbed to a record overnight.

The US CPI inflation increase in May was driven largely by categories associated with a broader reopening of the economy, as vaccinations bring the pandemic under control.

Earlier, the European Central Bank raised its inflation forecast and renewed its pledge to maintain faster emergency bond-buying to sustain the euro area.

On the domestic front, investors will watch out index of industrial production data for April month. According to Bloomberg, IIP for April is likely to be at 120% compared to 22.4% a month ago.

Investors will also watch out for the March quarter earnings of firms like BHEL, Sun TV, DLF, BEML, and Cochin Shipyard.

Analysts expect that the further direction of the domestic markets would depend on the monsoon, opening up of the economy in a phased manner and the pace of vaccination going forward.

“As states ease restrictions gradually in June 2021, we expect the demand environment to get better which can have a positive impact on the markets," said Siddhartha Khemka, head - Retail Research, Motilal Oswal Financial Services.

(Bloomberg contributed to this story)

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