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The benchmark indices ended the highly volatile session last week nearly 1% higher with Nifty50 settling above the psychologically important 15,000 mark. This week, Indian markets will be guided by the US Federal Reserve s call on interest rates and domestic macroeconomic data. Besides, Covid-related news will also remain on investors radar. First and foremost, the markets would react to macroeconomic data viz IIP and CPI inflation, which came in after market hours on Friday. In a double whammy for the economy, industrial production growth re-entered the negative territory by contracting 1.6 per cent in January, while retail inflation soared to a three-month high of 5.03 per cent in February on costlier food items. The WPI inflation is scheduled to be released on March 15.
In the overnight session, the S&P 500 and the Dow closed at all-time highs as worries about rising inflation subsided, while a bigger-than-expected fall in weekly jobless claims and the signing of a $1.9 trillion stimulus bill into law reinforced expectations of a strong economic recovery. The Dow Jones Industrial Average rose 0.58%, the S&P 500 gained 1.04% and the Nasdaq Composite added 2.52%. Following a strong finish for US stocks, its Asian peers also climbed. Australia’s S&P/ASX 200 Index rose 0.8%, Japan’s Topix index advanced 0.2% and South Korea’s Kospi index added 1.3%. Indian markets too looked set top open on a firm footing, amid a firm global setup. The SGX Nifty was trading at 15,420 levels around 7.15 am against Wednesday close of 15,209.