Stocks are likely to open on a positive note Wednesday in line with its Asian peers. However, profit booking is not ruled out given the
recent sessions of gains.
US stocks ended higher on Tuesday as encouraging housing sales data lifted hopes for an economic rebound. The Dow Jones Industrial Average gained 19.19 points, or 0.22 per cent, to end at 8,740.63. The Standard & Poor's 500 Index rose 1.91 points, or 0.20 per cent, to end at 944.78. The Nasdaq Composite Index added 8.12 points, or 0.44 per cent, to end at 1,836.80.
Asian stocks were trading higher for the fourth straight day on the back of gains on Wall Street. The Nikkei rose 0.36 per cent, Topix climbed 0.18 per cent, Hang Seng advanced 1.81 per cent and Straits Times added 0.81 per cent.
Back home, key stock indices took a breather after a four-day rally and ended on a flat note Tuesday. Buying was seen in metals and auto stocks while profit booking emerged in realty, power and banking space which have rallied in the recent run-up.
Bombay Stock Exchange’s Sensex closed at 14,874.91, up 34.28 points or 0.23 per cent. The 30-share index hit a low of 14608.23 and high of 14994.31. National Stock Exchange’s Nifty ended at 4525.25, down 4.65 points or 0.1 per cent. The broader index touched a high of 4586.40 and low of 4451.30.
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