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Benchmark indices are likely to open higher for the second straight session tracking gains in their Asian peers and the overnight rally in US stocks. Globally, equity markets have surged on positive US jobs data, expectations of aggressive action from European Central Bank and rebound in crude oil prices.
At 8:20AM, the early indicator SGX Nifty was up 64 points at 8,318.
Asian markets are mostly trading higher on the boost generated by firm global cues. Japanese Nikkei is trading higher by 0.5%. Hang Seng index has gained over 1% though the Shanghai Composite index has declined by around 0.4%.
Expecting further fall in jobless claims in the non-farm payroll data which is due on Friday, US markets extended their previous day's gains and closed higher amid a broad based rally. Sentiments were also boosted on expectations of ECB launching a quantitative easing program for Europe. S&P 500, Dow Jones Industrial Average and Nasdaq Composite gained around 1.8% each.
Meanwhile, selling by foreign institutional investors continued and they were net sellers in Indian equities worth Rs 477 crore on Thursday, as per provisional stock exchange data.
Stocks to watch
Infosys is in focus ahead of the release of its third quarter results.
Tata Steel may attract fresh buying as the stock has received a rating upgrade from a foreign brokerage.
ONGC is in focus on media reports that the government will start its stake sale in the company only after finalising a new subsidy sharing formula as it would help in fetching better price in the market.
Infrastructure major IL&FS is in focus as it has proposed setting up of a marine and energy-based multi-product special economic zone (SEZ) in the Kutch region. Moreover, the SEZ is also set to house a 6000 Mw power plant in the SEZ.
SpiceJet is in news on informing the civil aviation ministry that it will raise the first tranche of funds by January 10, according to media reports.
