The Indian market is set for a positive start on Thursday, tracking the positive trading in its Asian peers as
the US Federal Reserve Chair Jerome Powell injected investors with a strong dose of optimism on Wednesday. He said the central bank's policy rate is now "just below" estimates of a level that neither brakes nor boosts a healthy US economy.
At 07:05 AM, SGX Nifty, an early indicator of the Nifty 50's trend in India, was up 1.03 percent at 10,825, indicating a positive opening for the Indian market.
Here is what you need to know before the market opens: Asia: MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.6 percent. Australian stocks gained 0.8 percent and Japan's Nikkei climbed 0.9 percent. Wall Street: The Dow Jones Industrial Average rose 617.7 points, or 2.5 percent, to 25,366.43, the S&P 500 gained 61.61 points, or 2.30 percent, to 2,743.78 and the Nasdaq Composite added 208.89 points, or 2.95 percent, to 7,291.59. Crude Oil Prices: US crude futures were up 0.7 percent at $50.65 per barrel, paring some losses after sliding 2.5 percent the previous day. Oil prices sank on Wednesday after US crude inventories rose for the 10th straight week to the highest in a year, adding to worries about a worldwide supply glut. Market At Close On Wednesday: The Indian equity market ended with gains on Wednesday, but traded volatile a day ahead of the expiry of derivatives contracts. The Sensex slipped from highs, but closed with a gain of 204 points at 35,717 and the Nifty that looked firm above 200-day moving average of 10,742 at one point of trade, slipped in the second half to end the session 43 points higher at 10,729. Rupee: The rupee closed at 70.62, up 14 paise against the dollar on Wednesday. Dollar: The dollar index against a basket of six major currencies was effectively flat at 96.828 following an overnight loss of 0.6 percent. The euro was steady at $1.1366 after advancing 0.7 percent the previous day. The dollar was little changed at 113.57 yen after being knocked down from a two-week high above 114.00 scaled overnight. FII & DII data: Foreign institutional investors (FIIs) bought shares worth Rs 961 crore, while domestic institutional investors (DIIs) sold shares worth Rs 330 crore in the Indian equity market on November 28. India GDP Data: The government on Wednesday lowered the GDP growth rates for a majority of the previous 10 years of the UPA regime, saying the data has been recalibrated to reflect a more appropriate picture of the economy. The GDP growth rates for FY 2006-12 have been revised using new back series data, chief statistician Pravin Srivastava said at a press conference. As per the data released by the Central Statistics Office (CSO), the economy in 2010-11 grew by 8.5 percent and not 10.3 percent estimated earlier. RBI vs Govt: For all the cordiality on show at the end of Reserve Bank of India's last board meeting, tensions could re-surface when it next gathers on December 14 as the government aims to ramp up pressure for changes in the way the central bank operates. A majority of the 18-member board, now stacked with government nominees, intends to press for reduced curbs on lending and governance changes that would give the board more say, according to three sources with direct knowledge of what was said when the board last met on November 19. India-Pakistan Ties: There will be no dialogue with Pakistan unless it desists from terrorist activities against India, external affairs minister Sushma Swaraj declared on Wednesday, in a rebuff to Pakistan a day after Islamabad said it would invite Prime Minister Narendra Modi to the SAARC summit. She also said the Kartarpur corridor initiative was not linked to the dialogue process with Pakistan. (With inputs from agencies)
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