Indian Markets Update 5 Dec: HDFC Securities

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Indian Markets

The 30-share Sensex ended up 120 points at 28,563 and the 50-share Nifty closed 27 points higher at 8,564 after hitting a record high of 8,626.95. 

Market breadth ended marginally positive with 1,507 gainers and 1,449 losers on the BSE. NSE cash turnover was at Rs. 18352.

In the broader market, BSE midcap and Smallcap indices ended up 0.3% each. BSE FMCG index was the top sectoral gainer up 3% followed by Capital Goods, Metal and Bankex indices. Consumer Durables, IT, Oil and Gas indices were the top losers. FMCG majors ITC ended up 5.4% and Hindustan Unilever ended up 0.9%. BHEL ended down 1.6%. Sesa Sterlite ended up 2.8%

As per the provisional figures on Thursday, FIIs were net buyers of Rs. 474 cr in the cash market, while they were net sellers of Rs. 312 cr in the F&O markets. DIIs were net sellers of Rs. 586 cr in the cash market. 

US and European Markets

U.S. stocks ended slightly lower on Thursday after European Central Bank President Mario Draghi brushed off pressure for more immediate monetary policy action but said the issue would be addressed early next year. The Dow Jones industrial average .DJI fell 12.52 points, or 0.07 percent, to 17,900.1, the S&P 500 .SPX lost 2.41 points, or 0.12 percent, to 2,071.92 and the Nasdaq Composite .IXIC dropped 5.04 points, or 0.11 percent, to 4,769.44.

European shares ended in the red. The CAC40 of France, DAX of Germany and FTSE 100 of UK ended lower by 1.55%, 1.21% and 0.55% respectively. 

Most of the Indian ADRs ended on a negative note. Among the banking stocks, ICICI Bank was down 0.2% while HDFC Bank was down 0.4%. IT majors, Infosys was down 1.9% while Wipro was down 1.4%. Dr Reddys was down 1.6% while Tata Motors was down 3.5%

Latin American Markets

Among the Latin American markets, the Mexican markets were down by 0.7%, while the Brazilian index ended lower by 1.7%.

Asian Markets

Asian markets are lower today as Chinese and Hong Kong shares fall. The Shanghai Composite is off 0.54% while the Hang Seng is down 0.51%. The Nikkei 225 is not trading

As of IST 8.35 am SGX Nifty is trading higher by 13.50 points. 

Currencies

Indian rupee has appreciated on Thursday against US dollar. Indian currency gained 1 paise or 0.02 percent against dollar to close at 61.88. 

The euro rose from a two-year low against the dollar after European Central Bank President Mario Draghi said policy makers will wait until next quarter to assess whether additional stimulus measures are required.

Commodities

Oil for Jan 2014 contract lost 0.85% at $66.81/barrel.

Gold for Feb2014 delivery lost 0.08% at $1207.70/troy ounce.

Key Events for today

India - FX Reserves.
US - Chain Store, Average Hourly Earnings, Government Payrolls, Manufacturing Payrolls, Nonfarm Payrolls, Trade Balance, Unemployment Rate, Factory Orders.
UK - Inflation Expectations.
EUR - GDP, German Factory Orders, Spanish Industrial Production.
 
Outlook

Indian markets could open positive and consolidate at higher levels. Strong support for Nifty is at 8520 level, while immediate resistance is at 8630 level. Among the Sectoral indices, Capital Goods, Power may relatively outperform while IT, Pharma may relatively underperform.