Indian markets are likely to open sideways tracking Asian markets and SGX Nifty.
U.S. stocks rallied on Monday due to the announcement of a number of mergers.
Major stock indices posted a two week high due to the positive sentiment in the
market. Stocks rallied in spite of a statement by the Chicago Fed President that the
Federal Reserve is likely to raise shortterm interest rates by three quarterpoint
moves by year end of 2017.
UK’s stocks moved slightly higher despite a weak pound. Media and broadcast firms
rose with ITV shares up 1.8 percent after ATT announced it would buy media
group Time Warner for 85.4bn. Shares of GlaxoSmithKline were down about half
a percent as it waits for regulatory approval for its experimental shingles vaccine.
Indian stocks posted modest gains on Monday. The rally was led by largecap
companies such as ICICI Bank Tata Motors Coal India BPCL and ONGC. IT stocks
resumed their downward trend with Wipro and Mindtree posting poor guidance
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