The market outlook for Thursday remains bright as bulls are expected to call the shots on the domestic bourses, some profit-taking notwithstanding. The US market ended upbeat, with the Dow ending at a record high over 12,500. If cues from stocks across Asia is anything to go by, the Indian market is predicted to continue its good work.
Barring Japan’s Nikkei, which had slipped 0.27% into the red, key indices in Shanghai, Hong Kong, Singapore, South Korea and Taiwan were trading higher between 0.26 - 0.70% at 9:26 am IST.
The Dow Jones industrial average jumped 102.94 points, or 0.83%, to end at a record 12,510.57. The Standard & Poor's 500 Index advanced 9.94 points, or 0.70%, to finish at 1,426.84, while, The Nasdaq Composite Index climbed 17.71 points, or 0.73%, to close at 2,431.22.
On Wednesday (27 December 2006), The BSE Sensex gained 151.35 points (1.1%), to close at13,859.69. The NSE Nifty ended the day at 3,974.25, 33.75 points (0.9%) higher. Short covering in the derivatives segment before the expiry of the December futures contracts, have boosted the indices. The futures contracts are scheduled to expire today, and may infect the trade with volatility.
Higher traded volumes on Wednesday compared with that of the previous session (Tuesday), a marginally positive market-breadth for NSE and BSE put together (1,849:1,698) and a positive capitalization of the breadth (Rs 6,359 cr : Rs 4,045 cr) are indicative of a bullish future