MARKETS: Positive start on horizon as SGX Nifty rises 50 pts; Nestle eyed

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LIVE market updates: The key benchmark indices are expected to start Thursday’s session in the positive zone as per trends indicated by the SGX futures, which were quoting 17,374 levels around 8 am, over 50 points higher than Nifty’s previous spot close.

Today’ session could witness volatility on account of the weekly F&O expiry. Meanwhile, investors may also take into account the January Fed meeting minutes, which show that the central bank believed it was time to raise interest rates, but also that any decisions would depend on a meeting-by-meeting analysis of inflation and other data.

This apart, among stocks, Ambuja Cements and Nestle India are scheduled to announce December quarter earnings and may remain in focus. READ MORE

Wipro may also be eyed as the company has received a five-year contract to drive transformation for ABB’s information systems digital workplace services. The agreement, worth over $150 million, will help ABB’s information systems deliver enhanced, consumer-grade digital experiences for its 1,05,000 employees in over 100 countries.

Global Cues

The US ended a volatile session of trade on Wednesday with marginal losses as investors heaved a sigh of relief after Fed FOMC release minutes indicated that the Fed intends to raise interest rates, but it would be done at a moderate pace. Thus, allying some fears of back-to-back rate hikes this calendar year. The Dow Jones slipped 0.2 per cent. The S&P 500 and Nasdaq were down 0.1 per cent each.

Meanwhile, Oil prices rose as the US and NATO questioned Russia’s willingness to negotiate a solution to the crisis, and accused it of increasing its military build-up surrounding Ukraine. Brent crude surged 1.6 per cent to $94.81 a barrel, and WTI crude jumped 1.7 per cent to $93.66, a barrel.

Major in Asia exhibited a mixed trend this morning. Kospi surged 1.2 per cent. Straits Times and Taiwan were up 0.6 per cent and 0.4 per cent, respectively. On the other hand, Japan’s Nikkei declined 0.4 per cent, and Shanghai Composite was down 0.2 per cent. Hang Seng traded on a flat note.

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