The Indian market is poised to open on a firm note Thursday, tracking positive global cues, after successful bond auctions in Portugal and Poland helped ease worries about the European debt crisis.
That said, bouts of profit taking is not ruled out ahead of July industrial output data due tomorrow. The market will remain closed tomorrow to celebrate the festival marking the end of the fasting month of Ramadan.
Asian stocks are edging higher this morning, driving the MSCI Asia Pacific index up for the first time in three days, after data showed Australian employers added more workers than estimated last month and the yen slipped from a 15-year high, bringing some relief to Japanese exporters.
On Wall Street, stocks posted modest gains on Wednesday amid some relief buying following news of continued albeit slower U.S. economic recovery as seen by the Federal Reserve.
Solid demand for Portugal and Poland's bond offerings and President Barack Obama's comments regarding his plan to extend tax cuts for the middle class, increase business tax write-offs, and spend an additional $50 billion on infrastructure projects, also offered some support. While the Dow rose 0.45%, the Nasdaq advanced 0.9% and the S&P 500 added 0.64%.
The Fed's Beige Book stated that the U.S. economy continued its modest expansion, although it noted that a drop-off in the strength of economic data indicated a slower pace of recovery. The Fed also noted that modest economic growth was the most common characterization of overall conditions in the period from mid-July through the end of August.
The Indian ADRs also closed mostly higher. Among the top gainers, MTNL rallied around 5%, Sterlite and ICICI Bank rose over 2% each and Infosys ended up 1.32%.
Crude oil prices surged higher on Wednesday, but gains were tempered after the Federal Reserve acknowledged signs of deceleration in the pace of U.S. economic recovery. Light, sweet crude for October delivery settled up $0.58 at $74.67 a barrel on the New York Mercantile Exchange.
The Indian market cut its early loss and ended a volatile session on a flat note Wednesday, thanks to some selective buying in telecom, information technology, realty, healthcare and metal stocks.
The 30-share BSE Sensex swung in both directions before ending up 22 points or 0.12% at 18,667, with 18 of its components edging higher. Likewise, the broader Nifty witnessed wild swings before ending almost unchanged at 5,608.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.