Stock Trading News - Nifty likely to test 7400
at open :-Indian shares are likely to open strong today,
tacking on to a 2-day rally that, along with the intra-day recovery seen on
Budget, has seen the Sensex zoom about 1600 points from this week's low. At the
time of writing, the SGX Nifty was trading 0.8 percent, or 60 points, higher to
7,420. Cues are expected to remain positive, with Wall Street logging a mildly
positive close overnight and as economic activity was seen firming up in the
world's largest economy. Asian markets are trading broadly higher though traders
would look forward to Friday's release of non-farm payrolls data. Crude oil
rose too, amid reports that hinted at production in US shale tapering off
further, while the US dollar rose to a one-month high. Locally, stocks that
will be in focus include Future Retail, which sources said had tied up with
Trent Hypermarket to distribute private FMCG labels, railways stocks (the
Cabinet approved a cooperation pact between railways and Japan) and NHPC, after
it said that its Teesta low dam HE project stage IV was now commercially
operational. Bank stocks will also be in focus after the CBI said it was
putting in place a working group in collaboration with banks.
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