Sensex, Nifty to open on a positive note

Asian markets are a bit subdued with Japan's Nikkei and China's CIS300 trading flat. Hong Kong's Hang Seng is up 0.6%, South Korea's Kospi is down 0.25% and Taiwan's TWSE has gained 0.3%. US stock indices recovered from early losses to end modestly higher on Thursday, marking a third successive day of gains for Wall Street. Oil prices tumbled early on Thursday, sending stocks also lower.

The capabilities of the market seem to have improved this week with the indices playing along ever since the Union Budget was announced. The reasons may be beyond the budget but the momentum almost appears too good to be true for now. After breaking past the 1-month supply zone of 7225-7250 on Wednesday, the Nifty on Thursday sprung above its mid-point resistance of 7397 and also the 50DMA further strengthening the current upswing. Market participants will watch if the Nifty takes a shy at 7600 in the coming days.

The indices are expected to open on a positive note for the fourth time in a row. Asian markets are a bit subdued with Japan's Nikkei and China's CIS300 trading flat. Hong Kong's Hang Seng is up 0.6%, South Korea's Kospi is down 0.25% and Taiwan's TWSE  has gained 0.3%. US stock indices recovered from early losses to end modestly higher on Thursday, marking a third successive day of gains for Wall Street. Oil prices tumbled early on Thursday, sending stocks also lower. But, a late-morning rebound in oil helped stock indices erase losses. Oil eventually ended the day down. On the economic front, the US service sector grew more slowly in February, the Institute for Supply Management said. The number of Americans who applied for first-time unemployment benefits rose in the last week of February, ahead of Friday’s closely watched jobs report.

The debate or rather drama in Parliament continues with Prime Minister Narendra Modi addressing the constant disruptions in Parliament by quoting former prime minister Rajiv Gandhi.

The government will "shortly" issue the third tranche of sovereign gold bond for the fiscal, Economic Affairs Secretary Shaktikanta Das reportedly said.

Ministry of Road Transport & Highways is developing a web based application system for monitoring of all projects and will put it to operation after its development.

Tata Steel jumped 7.2% to Rs.286 on BSE. The company received final environment clearance for its Rs.18.8 bn expansion project to be carried out at Jamshedpur Steel Works in Jharkhand. Top official said in a report that, the Environment Ministry has considered the application based on the recommendations of the Expert Appraisal Committee (Industry-I) and decided to grant environment clearance (EC) to the proposal for expansion of crude steel production at Tata Steel Works.