Friday’s Market Preview: Market likely to open in the green

The Indian market is likely to open in the green tracking positive global cues. The telecom sector that is in the news on account of the spectrum scam will be closely tracked by investors. Wall Street closed higher on Thursday with major indices clocking their biggest gains in two weeks. Markets in Asia were mostly in the green in early trade this morning with support from the US, which closed higher overnight. The SGX Nifty, which opened in the positive terrain, has slipped 2 points to 6,033.50 against its previous close of 6,035.50.

Refreshed after a day's break, the local market opened in the green yesterday tracking the regional bourses that were on a positive note. However, investors lost no time in taking profits off the table, sending the indices to the day's low in the mid-morning session. The 2% easing in food inflation numbers perked up the indices once again lifting the bourses into the green. However, a fair bit of choppiness saw the market popping in and out of the negative terrain.

Finally, the Sensex ended 65.50 points (0.33%) higher at 19,930 while the Nifty settled 10.10 points (0.17%) higher at 5,998, within kissing distance of the 6,000 mark.

The US market closed higher overnight as concerns about the Irish debt crisis eased and on reports that China’s policy tightening measures would not be as harsh as expected. Besides, the Labor Department’s data showed applications for unemployment insurance payments rose by 2,000 to 439,000 in the week ended 13th November, falling to the lowest in two years. The Fed Bank of Philadelphia’s general economic index jumped to 22.5, higher than analysts’ forecast. Another report showed the index of US leading indicators rose for the fourth time in a row in October.

The Dow surged 173.35 points (1.57%) to 11,181. The S&P 500 gained 18.10 points (1.54%) to 1,196. The Nasdaq rose 38.39 points (1.55%) to 2,514.

The Asian pack was mostly in the green in line with gains seen in the US on Thursday and on hopes that Ireland will accept the rescue package sculpted by the European Union and the International Monetary Fund.

The KLSE Composite was up 0.56%, the Nikkei 225 gained 0.61%, Seoul Composite rose 0.27% and the Taiwan Weighted surged 0.91%. On the other hand, the Shanghai Composite and the Hang Seng, which opened in the green, were down 0.15% and 0.27% respectively and the Straits Times fell 0.09%. The SGX Nifty, which opened in the positive terrain, has slipped 2 points to 6,033.50 against its previous close of 6,035.50.

State-owned Air India on Thursday sacked Pawan Arora as the chief operating officer (COO) of its low budget airline, less than two months after his controversial appointment.

Official sources said the cash-strapped state-owned airline's board decided to “dispense with” the services of Mr Arora at its meeting which went into the issue of top level appointments in Air India Express.

Regarding another controversial appointment of Stefan Sukumar as the airline's chief of training, the board decided to set up a committee to study the procedural aspects of his entry, directing that a report on the matter be submitted within a fortnight.

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