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Business News/ Markets / Stock Markets/  SGX Nifty indicates markets likely to be strong; global cues support
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SGX Nifty indicates markets likely to be strong; global cues support

Analysts said that the markets are expected to gain after exit polls showed that NDA is likely to return to power
  • Key companies that will announce their March quarter earnings today are BPCL, HPCL, Tata Motors, Glaxosmithkline
  • Analysts said that the markets are expected to gain. Photo: Aniruddha Chowdhury/MintPremium
    Analysts said that the markets are expected to gain. Photo: Aniruddha Chowdhury/Mint

    Indian markets are likely to rally on Monday boosted by exit polls outcome while global cues are also strong. SGX Nifty indicates a strong opening India, as it jumped 307.50 points or 2.69% in early trade.

    Analysts said that the markets are expected to gain after exit polls showed that Prime Minister Narendra Modi's coalition government is likely to return to power after a mammoth general election that ended on Sunday. Polls were released on Sunday evening after the gruelling six-week-long election that started on April 11.

    Key companies that will announce their March quarter earnings today are BPCL, HPCL, Tata Motors, Glaxosmithkline Pharmaceuticals, Torrent Pharmaceuticals and SREI Infrastructure Finance.

    Meanwhile share markets in Asia got off to a steady start on Monday as investors tried to catch their breath following another week of escalating trade tensions between the United States and China.

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    In early trade, MSCI’s broadest index of Asia-Pacific shares outside Japan tacked on 0.6% after a steep 3% loss the previous week. US S&P 500 e-mini futures also turned higher, rising 0.5% following losses on Wall Street on Friday. The Dow Jones Industrial Average fell 0.38%, the S&P 500 lost 0.58% and the Nasdaq Composite dropped 1.04%.

    Japan’s Nikkei stock index added 0.4%, after data showed growth in the world’s third-biggest economy unexpectedly accelerated in the first quarter.

    The modest gains on Monday came even as financial markets remained on edge over the intensifying Sino-US trade war, with the Trump administration last week adding Huawei Technologies Co Ltd to a trade blacklist.

    Oil markets, however, saw some active trade early on after Saudi Arabia’s energy minister said on Sunday that there was consensus among the members of the Organization of the Petroleum Exporting Countries to maintain production cuts to “gently" reduce inventories. Both US crude and Brent crude jumped more than 1% following the minister’s comments, with West Texas Intermediate fetching USD 63.51 a barrel and Brent crude at USD 73.05 per barrel.

    In currency markets, China’s offshore yuan rebounded after touching its weakest level against the dollar since November on Friday. It was last trading at 6.9280 per dollar. On Monday, the dollar added 0.2% against the yen to 110.30, and the euro was up 0.1% at USD 1.1165.

    The dollar index, which tracks the greenback against a basket of six major rivals, was down a touch at 97.980. The yield on benchmark 10-year Treasury notes rose to 2.4068% compared with a U.S. close of 2.393% on Friday, while the two-year yield touched 2.2187%, up from Friday’s U.S. close of 2.202%.

    Spot gold was 0.1% higher at USD 1,278.42 per ounce.

    (Reuters contributed to the story)

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    Published: 20 May 2019, 08:57 AM IST
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