The Nifty might open on a positive note in early-market trading today, given that Nifty Futures are up 36 points on the last look. Yesterday, Indian indices gained close to 1% led by stocks in the mid-cap sector.
Most Asian markets are trading higher with the Australian Stock Exchange gaining 0.8%, while Nikkei 225 is up 0.1% and Hang Seng trading 0.2% higher at the time of writing.
According to a report from Reuters, “Investors cheered a potential Brexit trade deal between Britain and the European Union that raised hopes the estranged allies would avoid a turbulent economic rupture on New Year's Day.”
U.S. dollar trades lower
The dollar was down on Thursday morning in Asia, with investors retreating from the safe-haven greenback and turning to the pound over expectations of an imminent Brexit deal that could help the U.K. avoid a turbulent economic rupture come Jan. 1.
Some investors forecast that an expected further decline in the greenback will boost stock markets and emerging-market currencies.
“The fact that equity indices traded mostly in the green this morning reflects a consensus expectation that Trump will sign the budget into law, although he could wait until the eleventh hour,” Rabobank senior FX strategist Jane Foley said in a note.