Indian stock markets may trade largely steady on Friday amid firm global cues but September quarter earnings are expected to keep investors cautious. Asian shares and US stock futures rose on Friday after US President Donald Trump said he would meet with China’s top trade negotiator which has sent the hope to the markets, while the pound sterling retreated after rallying on revived hopes of a possible Brexit deal.
Investors' renewed appetite for riskier assets weighed on safe-haven yen and US Treasury prices, while oil stayed on the firm ground following comments about possible supply cuts from the head of OPEC. In early Asian trade, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5%, following from gains on Wall Street. Australian shares climbed by 0.8percent while Japan's Nikkei stock index gained a hike of 0.9percent. The more bullish market mood came after the first day of trade talks between the top US and Chinese negotiators that Trump characterized as “very, very good." the government’s immediate priority is to infuse liquidity into the system and a decision on the year’s fiscal deficit target will be taken which is late by the Indian standards close to when the Union budget will be presented, finance minister Nirmala Sitharaman said.
We are in a challenging position, but the nation's current focus is to ensure that money reaches the hands of the people and also to make sure that the government’s own dues are not kept pending and are paid in time Sitharaman stated at a roundtable meeting.
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