Strong global cues to drive market higher
02nd November 2012 09:18 AM
Indian equities are likely to open positive on Friday, Nov. 02, 2012. SGX Nifty is trading at 5,706.5 (07.13 a.m.), 37 points higher than Thursday"s closeof 5,669.5.
Asian stocks rose after reports on U.S. employment and manufacturing topped estimates and consumer confidence in the worldâ™s largest economy climbed last month to a more than four-year high. Japanese benchmark index Nikkei 225 rose 111.46 points, or 1.25%, to trade at 9,058.33.
The price of oil is rising as operations at refineries and supply terminals in the Northeast remain restricted three days after Superstorm Sandy. Benchmark oil gained 82 cents Thursday to USD 87.06 a barrel in New York. In London, Brent crude, which is used to price international varieties of oil, fell 48 cents to USD 108.11 a barrel.
US stocks rose on Thursday as bullish consumer confidence and private-sector jobs data gave investors reason to cheer following superstorm Sandy's devastating sweep through the U.S. Northeast. The Dow Jones industrial average gained 136.16 points, or 1.04%, to 13,232.62 at the close.
European stocks advanced on Thursday, the most in two weeks, amid better-than-forecast U.S. economic reports and a rebound in Chinese manufacturing. UK's benchmark index FTSE 100 advanced 79.22 points, or 1.37%, to end at 5,861.92.
In the spot market, the Dollar Index increased 0.07% to 80.10 (21:31 ET).
World commodity prices gained on Thursday with the increase in Reuters Jefferies CRB Index by 0.35%.
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