The market is likely to open flat-to-positive on supportive global cues. Wall Street settled on a positive note as sales forecast from Target Corp eased worries about consumer demand. Markets in Asia were on a sound footing as speculations that a rise in consumer demand in the US would boost exporters. However, the SGX Nifty was down 7 points at 5,485.
The market witnessed a firm opening on Wednesday on the back of supportive global cues. The upmove was aided by stocks from the healthcare, auto and fast moving consumer goods sectors. There was some selling pressure and the indices gave up some of their gains by noon. The weak opening of the European markets pulled the market further down but later value-picking in select scrips resulted in the indices closing off their intraday highs. The Sensex ended 208 points (1.1%) higher at 18,257. The Nifty was up 65 points (1.2%) at 5,479, conquering the psychological level of 5,400 once again.
The US market ended higher on Wednesday as sales forecast from Target Corp eased worries about consumer demand. However, volumes remained low at the end of the earnings season. The Dow was up 9 points (0.09%) at 10,415. The S&P 500 was up 1 point (0.1%) at 1,094. The Nasdaq was up 6 points (0.3& at 2,215.
Markets in Asia were on a sound footing as speculations that a rise in consumer demand in the US would boost exporters. Shanghai Composite was up 0.08%, Hang Seng was up 0.3%, Jakarta Composite was up 0.3%, KLSE Composite was up 0.1%, Nikkei was up 1%, Straits Times was up 0.2% and Seoul Composite was up 0.8%. On the other hand, Taiwan Weighted was down 0.2%. The SGX Nifty was down 7 points at 5,485.
Market regulator Securities and Exchange Board of India (SEBI) on Wednesday proposed to double the investment limit for retail investors to Rs2 lakh in public issues, a move that will enable individuals to aggressively participate in primary issues of companies. The current limit of Rs1 lakh for retail investors was fixed over five years ago in March, 2005.
Giving justification for its proposal, SEBI said the limit for retail investors needed to be enhanced in view of the increase in inflation rate from 4% in 2005 to around 12% currently and rise in the BSE Sensex from 8,000 points to about 18,000 points during the same period.
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