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

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Indian Markets

Benchmark indices snapped five day losing streak and ended in line with the Asian peers after the US Federal Reserve said it would take a "patient" approach on deciding when to raise interest rates. Also, the Cabinet on Wednesday approved the Constitutional Amendment Bill on the long-delayed Goods and Service Tax which aided the sentiments. 

The Sensex ended up 416 points at 27,127 and the Nifty advanced 130 points to close at 8,159. In line with the large counterparts, the mid and smallcap indices ended up 2.6% and 3% each. The market breadth ended positive on the BSE with 2,172 gainers and 684 losers.

On the sectoral front, all sectoral indices ended in green. BSE Consumer Durables index was the top gainer up 5% followed by BSE Metal, Power, Realty and Capital Goods indices up between 2-3%. Also, Bankex ended higher by 2.5%.

As per provisional figures on Thursday, FIIs were net buyers of Rs 875 cr in the cash market and net buyers of Rs. 1628 cr in the F&O markets. DIIs were net buyers of Rs 648 cr in the cash market. 

US & European Markets

The Federal Reserve?s pledge to be ?patient? when it comes to raising interest rates gripped the stock market again Thursday, propelling the Dow Industrials to their biggest two-day percent gain in more than three years. Dow Jones Industrial Average soared 421.28 points, or 2.4%, to finish at 17778.15, extending a rally that marks the biggest percent gain in two sessions for blue chips since November 2011. It was the largest one-day percent gain since Nov. 30, 2011. The S&P 500 gained 48.34, or 2.4%, to 2061.23, while the Nasdaq Composite Index rallied 104.08 points, or 2.2%, to 4748.40.

European markets ended sharply higher. The FTSE 100 ended higher by 2%, while CAC 40 & DAX gained 2.8% & 3.4% respectively.

Most of the ADRs ended positive. Banking stocks, HDFC Bank was up 4.2% while ICICI Bank was up 3.7%.  Infosys was up 3.8% while Wipro was up 5.4%. Tata Motors was up 3.5% while Dr Reddy?s was up 1.3%. 

Latin American Markets

Among the Latin American markets, Shares in Mexico was up 3.6% while Brazil Bovespa was down 0.5%.

Asian Markets

Asian markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.64% while the Hang Seng is up 1.44%. The Nikkei 225 is not trading.

As of IST 8.35 am SGX Nifty is trading higher by 75 points. 

Currencies

The Indian rupee, equities and bonds rallied on Thursday after the US Federal Reserve said it is in no hurry to raise interest rates. The Indian rupee ended at 63.11 a dollar, up 0.81% from its previous close of 63.62.

The euro slid against and advancing dollar on Thursday after a report on weekly jobless claims beat expectations a day after the Federal Reserve suggested that rate hikes are on the way. In U.S. trading, EUR/USD was down 0.49% at 1.2283, up from a session low of 1.2266 and off a high of 1.2352.

Commodities

Oil for Jan 2015 contract fell by 4.2% at $54.1/barrel.

Gold for Feb 2015 delivery ended on a flat note at $1194.8/troy ounce.

Key Events for Today

Japan - BOJ Press Conference, Interest Rate decision, All industries activity index, 
Germany - PPI, Gfk Consumer Climate
India - Forex reserves
US - KC Fed Manufacturing Index, ECRI Weekly annualized

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 8120 level, while immediate resistance is at 8245 level.