Indian markets opened record high on the back of positive expectations on major corporate earnings to be announced later today. BSE Sensex topped 30,500 while Nifty 50 opened beyond 9,460. Indian markets are reflecting the coupled effect of macroeconomic data and the good earnings season. Sentiment remained upbeat mostly on robust foreign fund inflows and a better-than-expected earnings report card by some blue-chip companies so far, besides overnight gains in Europe and the US markets.
Meanwhile, Asian stocks are set to rise in opening trade on Tuesday, 16th May 2017 following overnight gains on Wall Street, while oil is set to extend a week-long rally after major producers Saudi Arabia and Russia said supply cuts needed to continue into 2018. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6 percent to its highest level since June 2015. Early Asian markets such as Australia are set to lead the region higher, with metal and oil shares in focus.
The S&P 500 and the Nasdaq reached record closing highs on Monday, powered by demand for technology stocks after the weekend’s massive “ransomware” cyber attack and as rising oil prices lifted commodity-linked shares.