Bulls may continue to grip Dalal Street

Indian Indices:

Indian equity benchmarks are set to witness a gap up opening on Wednesday tracking a bullish trend across most markets in Asia and a positive finish at Wall Street overnight. SGX Nifty is trading 19.50 points higher.

Shares of NIIT, Hindustan Zinc and Tata Coffee will be in focus as these companies reveal their September quarter earnings.

Indian shares bounced back from the previous session's multi-month lows to trade nearly 1% higher on Tuesday, helped by short-covering in stocks such as Zee Entertainment Enterprises and Tata Steel, while broader sentiment was underpinned by positive global cues. The S&P BSE Sensex and CNX Nifty gained 1.89%-1.85% each

On Tuesday (October 18, 2016), S&P Sensex closed at 28050.88 levels, rose 520.91 points or 1.89% while Nifty index gained 157.50 points, or 1.85%, to close at 8677.90 levels.

Global Market:

Asian shares held early gains on Wednesday as a barrage of Chinese data confirm the economy had stabilized on the back of government spending and a hot housing market, even if worries about debt continue to mount.

US stocks closed higher Tuesday as investors welcomed stronger-than-expected quarterly results from a roster of companies, including Goldman Sachs Group Inc., UnitedHealth Group Inc. and Netflix Inc.

European shares bounced back early on Tuesday, with commodities-related stocks leading the market higher after prices of major industrial metals and crude oil rose on a softer dollar.

Major Headlines of the day:

RIL gross refining margins to moderate in Sept quarter

Hatsun Agro to invest Rs 850 cr till end of next fiscal year

Apollo arm plans to raise Rs 450 cr to double clinics in 3 years

Nalco's aluminium sales up 6% in Apr-Sept

Adani Wilmar plans Rs 600 cr edible oil refinery in Odisha]

Trend in FII flows: The FIIs were net buyers of Rs 345.04 Cr in the cash segment on Tuesday  while the DIIs were net sellers of Rs -173.36 Cr, as per the provisional figures.

UPCOMING RESULTS: HINDZINC, KPIT, TATACOFFE, NIIT, BAYERCROP.

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