Markets could open higher :: HDFC securities

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Indian Markets

The 30-share Sensex ended up 366 points at 27,275 & 50-share Nifty ended up 133 points at 8,235 on Thursday. In the broader market, the BSE Mid-cap and Small-cap indices ended up 1.8% each. 

Market breadth ended strong with 2,050 gainers and 825 losers on the BSE. NSE cash turnover was at Rs. 17621.

All the sectoral indices ended in the green. BSE Realty index was the top sectoral gainer up 2.6% followed by Bankex, FMCG, Power, Auto and Capital Goods among others.

As per the provisional figures on Thursday, FIIs were net sellers of Rs. 467 cr in the cash market, while they were net buyers of Rs. 743 cr in the F&O markets. DIIs were net buyers of Rs. 289 cr in the cash market. 

US and European Markets

U.S. stocks ended Thursday with the largest advance in three weeks, as two days of steady oil prices along with dovish comments by a Federal Reserve member helped further fuel a buying frenzy begun on Wednesday. The two-day rally pushed the benchmark S&P 500 and Dow industrials into green for the year and within a striking distance from record levels reached at the end of December. Meanwhile, a measure of implied volatility, CBOE Vix index fell below its long-term average to 17. Dow Jones, Nasdaq & S&P 500 all ended higher by 1.8% each. 

Major Europe benchmarks ended sharply higher. UK?s FTSE gained 2.3%, while Germany?s DAX & France?s CAC index rose 3.4% & 3.6% respectively.

The Indian ADRs ended in the green. Infosys & Wipro gained 0.5% & 1.5% respectively, while Dr. Reddy?s & Tata Motors gained 3.3% & 5.7% respectively. ICICI & HDFC Bank ended higher by 1.2% & 2.1% respectively.
 
Latin American Markets

Among the Latin American markets, the Mexican markets gained 1.4%, while Brazilian index ended higher by 1%.

Asian Markets

Among the Asian indices, Taiwan & Shanghai are trading lower by 0.1% & 0.4% respectively. However, Hang Seng & Nikkei are up by 0.5% & 1.1% respectively, while Kospi & Strait Times are up by 1.3% & 0.3% respectively. 

As of IST 8.40 am SGX Nifty is trading higher by 57.5 points. 

Currencies

Indian rupee rose against the dollar for the second consecutive day on Thursday on debt purchases by foreign institutions and gains in the local equity market. The local unit closed at 62.67, up 0.8% from its previous close of 63.18. 

The euro extended its longest uninterrupted losing streak since its creation and fell below the $1.18 mark for the first time in more than nine years, to trade at about the same level as when it was introduced in January 1999.

Commodities

Oil for Feb 2015 contract ended higher by 0.3% at 48.8 $ / barrel.

Gold for Feb 2015 delivery fell by 0.2% at 1208.5 $ / troy ounce.

Key Events for today

US - Consumer Credit, Non-farm payrolls, unemployment rate, wholesale inventories
India - Bank loan growth, forex reserves
UK - Industrial & Manufacturing production, Trade Balance
Germany - Industrial production, Trade Balance
Japan - Leading index
China - CPI

Outlook

Indian markets could open higher following positive global cues and remain volatile in a range with positive bias throughout the session. Some intra-day profit taking at higher levels cannot be ruled out. Strong support for Nifty is at 8190 level, while immediate resistance is at 8300 level. Among the sectoral indices Realty, Bankex & Capital Goods could outperform. Infosys Q3FY15 results could set a direction for IT stocks.