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Markets are likely to open higher tracking gains in select Asian peers and a strong overnight rebound in Wall Street.
At 8:20AM, the early indicator SGX Nifty was up 61 points at 8,202.
Asian markets are trading higher buoyed by the upbeat US jobs data and the release of the minutes of Us Federal Reserve's meetings which suggested that the proposed hike in key interest rates may not happen in near future. Expectations of bolder stimulus measures from the European Central Bank also boosted sentiments. Japanese Nikkei has gained close to 2% while the Hang Seng index is trading higher by 0.4%.
Wall Street rebounded on Wednesday from five straight sessions of losses after strong U.S. private sector jobs data underscored strength in the world's largest economy and fanned hopes for a strong reading of the all-important non-farm payrolls due on Friday. The Dow Jones Industrial average rose 1.23%, the S&P 500 1.16% and the Nasdaq Composite added 1.26%. Minutes of the December meeting of Federal Reserve gave only few indications about the timing of the proposed hike in key interest rates, though it may not happen in near future.
Meanwhile, foreign institutional investors were net sellers in Indian equities worth Rs 1,073.18 crore on Wednesday, as per provisional stock exchange data.
Stocks in focus
Coal India may witness fresh buying as the five Coal India worker unions called off their strike, after reaching a consensus with the government. Coal and power minister Piyush Goyal said issues faced by the mine workers were discussed and representatives were assured the CIL management wouldn't go into private hands.
Wipro is in focus on media reports that it has won a $400 million, multi-year IT infrastructure management contract from Swiss engineering giant ABB
Real estate major DLF on Wednesday filed a fresh undertaking in the Supreme Court, asking it be allowed to deposit balance Rs 480 crore of a total Rs 630-crore fine imposed on it by the Competition Commission of India (CCI) in six monthly instalments, starting January 15.
SpiceJet may come under pressure as it has failed to give a comprehensive revival plan to the government so far, even as its dues towards the Airports Authority of India (AAI) mounted to Rs 240 crore, official sources said on Wednesday.
Yes Bank is in focus after the bank's MD and CEO Rana Kapoor spoke about the plans to raise around Rs 5,500 crore in the next 12 months
