SGX Nifty is at 11,075, marginally up by 4.5 points.
Nifty saw a sharp reversal as rumors of Finance Ministry rolling back FPI taxes became a reality as Finance Ministry is scheduled to meet large foreign institutions and rework the cumbersome tax. This saw massive short covering in the indices with banks, auto & financial services stocks jumping.
The broader market also joined the value buying/short-covering rally as talks of relaxation of GST on auto and other consumption items saw buyers dominate the second half. For today, expect some more leg up for the rally as holiday extended weekend could see bears cover as Government gets into policy act.
US Market: US indices recover in style posting biggest rally of last 2 months as Chinese pressure eases with stocks looking very attractive again after sharp correction. Oil prices see a pullback after sharp fall on Wednesday, while yields hit 1.71% as US$ sees strength. Commodities see a return of strength as China goes on buying spree ahead of a trade war.
Asian Market: Asian indices saw a positive start with most markets trading well in the green led by the Japanese Nikkei and South Korean Kospi. Further, Chinese data was better than expected on growth with an underlying fear of trade war hurting growth looking diminished. Expect commodity stocks to lead the rally in most Asian markets as nickel prices hit fresh 4 month highs as China steps up buying.
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