The markets may see a strong opening on account of the strong positive cues from the global markets.The opening indicator SGX NIfty is up 36 points at 5,355.
The fall in commodity prices after the Federal Reserve reduced its growth and employment forecasts for the world’s biggest economy, worsening the outlook for demand was a major trigger. Crude oil lost 2.7% to $92.88 a barrelin London, zinc fell 1% to $2,228.50 a tonne and Gold for immediate delivery fell 0.7% to $1,537.90 an ounce and the Standard & Poor’s GSCI gauge of 24 commodities slid 1.9%.
However in the US markets, stocks closed way off session lows on Thursday on news Greece agreed to a five-year austerity plan, but lingering economic uncertainty ultimately drove the S&P 500 lower, keeping a downward trend in place. The Dow Jones industrial average dropped 0.49% to end at 12,050. The Standard & Poor's 500 lost 0.28% to 1,283.50. But the Nasdaq Composite gained 0.66% to close at 2,686.75.
Meanwhile, the Asian markets largely opened positive with Hang Seng and Seoul Composite indices leading the gains up 1% each. The gains were mostly lead by the airlines stocks after a sharp drop in oil prices and exporters also gaining ground.The Nikkei marginally picked up 0.3% on reports that European Union leaders promised more money to help Greece stave off looming bankruptcy, provided its parliament enacts an austerity plan finalised in fraught last-minute talks with international lenders.
The FIIs remained net buyers for the second consecutrive day at Rs 18 cr in the F&O segment after several days of sell off.
The stocks to watch out for the day are mainly the airline and oil marketing companies.
