Markets could open positive and consolidate at higher level :: HDFC Sec

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Indian Markets

The 30-share Sensex gained 245 points or 0.9% at 27,372 and the Nifty gained 66 points or 0.8% to close at 8,225. The midcap index added 0.4% and the small-cap index edged higher by 0.6%, underperforming the BSE benchmark index which was up nearly a percent. NSE cash turnover was at Rs. 18292.

On the sectoral front, the top losers were FMCG and Realty indices down nearly a percent each. Auto and Consumer Durables indices were flat with a negative bias. Meanwhile, Capital Goods, IT, Metal, Oil & Gas and Power indices gained 1-2%. Sesa Sterlite, Hindalco gained upto 3% each while Tata Steel added 0.8%. Reliance gained 2.3% and ONGC was up by 1.2% while GAIL was marginally in green. Sun Pharma and Cipla were under pressure while Dr Reddys Lab gained 1.3%.  ITC and HUL down upto 1.5%.

As per provisional figures on Friday, FIIs were net sellers of Rs 669 cr in the cash market and net buyers of Rs. 2280 cr in the F&O markets. DIIs were net buyers of Rs 623 cr in the cash market. 

US & European Markets

Fridays gain was muted with the Dow up 26 at 17,804, and the S&P 500 9 points higher at 2,070, five points below its all-time closing high. The S&P 500 and Dow were more than 3 percent higher in the past week, after wild seesaw trading drove the Dow down a little more than 200 points in the first two days of the week, before soaring 735 points in the last three days of the week.

European markets finished mixed as of the most recent closing prices. The FTSE 100 gained 1.23%, while the DAX led the CAC 40 lower. They fell 0.25% and 0.18% respectively.

Most of the ADRs ended negative. Banking stocks, HDFC Bank was down 2.6% while ICICI Bank was down 0.9%.  Infosys was down 1.3% while Wipro was down 1%. Tata Motors was down 1.5% while Dr Reddy?s was down 0.2%. 

Latin American Markets

Among the Latin American markets, Shares in Mexico was up 0.1% while Brazil Bovespa was up 2.4%.

Asian Markets

Asian markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 1.22% while the Hang Seng is up 1.27%. The Nikkei 225 is not trading.

As of IST 8.35 am SGX Nifty is trading higher by 35.5 points. 

Currencies

The rupee opened lower at 62.50 per USD and plunged to 13-month low of 63.89 this week before ending at 63.30 per dollar, showing a loss of 101 paise or 1.62 percent amid chaos in global financial markets caused by volatility in Russian currency rouble.

The euro fell to more than two-year lows against the U.S. dollar on Friday, despite the release of upbeat German consumer climate data as demand for the greenback remained broadly supported by expectations for a U.S. rate hike next year. EUR/USD hit 1.2253 during European early afternoon trade, the pair's lowest since December 8; the pair subsequently consolidated at 1.2272, slipping 0.11%.

Commodities

Oil for Feb 2015 contract was higher by 5.1% at $57.1/barrel.

Gold for Feb 2015 delivery was up by 0.1% at $1196/troy ounce.

Key Events for Today

Japan - BOJ Monthly Report
Germany - Import price index
US - Chicago Fed National activity, Existing Home sales
EU - Consumer Confidence

Outlook

Indian markets could open positive and consolidate at higher level.  Banks, Capital Goods, Power, Auto could relatively outperform. Immediate support for Nifty is at 8200 level, while immediate resistance is at 8260 level.