9.20 a.m.: The BSE Sensex and the Nifty turned flat after opening marginally higher. The Sensex gained as much as 70 points to 27,988.76 while the 50-shares Nifty added nearly 20 points to touch a high of 8,585.20.
Energy shares witnessed buying tracking overnight gains in the crude oil. Oil marketing companies like BPCL, IOC surged over 1 per cent each. Among the Nifty50 stocks Ambuja Cement was the top gainer, up 1.25 per cent followed by ACC and BPCL.
8.35 a.m.: The BSE Sensex and the broader Nifty are likely to open flat on Thursday, according to futures trade on the Singapore Exchange (SGX). The Nifty, which closed at 8,566 on Wednesday, traded 4.50 points lower at 8,584.50 on the SGX as of 08.20 a.m.
Domestic investors will be tracking quarterly earnings closely. The June quarter has not been impressive so far, with all big IT companies - TCS, Infosys and Wipro - missing estimates. Reliance Industries is the only big corporate to outperform so far.
Index heavyweight ITC and private lenders Kotak Bank and HDFC Bank will report their quarterly numbers today.
Meanwhile, global analysts continue to be bullish on India. CLSA's Laurence Balanco said today that India is leading the breakout among emerging markets and the recent surge has bullish implications. On Wednesday, Morgan Stanley has upped its Sensex target to 30,000.
Foreign institutional investors, who have been net buyers of domestic equities this month, purchased cash shares worth another Rs 215 crore on Wednesday. Domestic investors were net sellers to the tune of Rs 45 crore.
The Sensex and Nifty are likely to get psychological boost from Asian markets, which climbed to nine-month highs on Thursday.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3 per cent, its highest level since October 2015 after earnings overnight helped push both the Dow Jones industrial average and the S&P 500 to record highs.
"Investors are optimistic on the outlook for Asian equities compared to developed markets and despite the looming geopolitical uncertainty so we are advising clients to buy on dips," said a markets strategist at a U.S. bank in Hong Kong
Portfolio inflows to emerging market assets rose to the highest level in nearly three years last week, according to the latest survey by the Institute of International Finance.
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