Markets could open in the green on positive macro data and consolidate at higher levels :: HDFC Securities

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Indian Markets

The 30-share Sensex ended higher by 127 points at 27,585 and the 50-share Nifty gained 39 points to close at 8,323. The broader markets outperformed the benchmark indices- BSE Midcap and Smallcap indices gained by nearly 1%. The market breadth in BSE ended firm with 1,647 shares advancing and 1,259 shares declining. NSE cash turnover was at Rs. 14481.

BSE FMCG, Bankex, Power, Capital Goods and IT indices gained between 0.5-1.6%. However, BSE Metal and Oil & Gas indices were down 1-2%. The main gainers on the Sensex were HUL, L&T, Infosys, HDFC, ICICI Bank, BHEL, Axis Bank and SBI. Coal India declined over 4.5%. Bharti Airtel lost around 2%.

As per the provisional figures on Monday, FIIs were net buyers of Rs. 245 cr in the cash market, while they were net sellers of Rs. 337 cr in the F&O markets. DIIs were net sellers of Rs. 331 cr in the cash market. 

US and European Markets

U.S. stocks declined on Monday, extending a two-week slide, as worries about the falling price of oil took hold before the start of quarterly earnings. The CBOE Volatility Index, a measure of investor uncertainty, jumped nearly 12% to 19.60. The Dow Jones ended lower by 0.5%, while S&P 500 and Nasdaq fell by 0.8% each.

The European markets ended higher. DAX & CAC gained 1.4% & 1.2% respectively, while FTSE ended flat.

Most of the Indian ADRs ended mixed. Among IT stocks, Infosys was down 0.1% while Wipro was up 0.5%. Banking stocks ICICI Bank was up 0.4% while HDFC Bank was down 0.9%. Dr. Reddy?s was up 1.3% while Tata Motors was down 0.4%.
 
Latin American Markets

Among the Latin American markets, the Mexican markets were lower by 1.5%, while Brazilian index ended lower by 1.4%.

Asian Markets

Among the Asian indices, Shanghai is trading higher by 0.5% while Hang Seng is up 0.4% . Strait Times is flat while Nikkei 225 is down 1.8%. The Kospi is lower by 0.1%.

As of IST 8.25 pm SGX Nifty was trading higher by 29 points. 
 
Currencies

The rupee closed higher against the dollar on Monday on increased foreign fund inflows. After opening at 62.13 per dollar and touching a high of 62.10, a level last seen on 10 December 2014, the rupee closed at 62.14 a dollar, up 0.31% from its previous close of 62.33.

EUR/USD started the new trading week with losses, as the pair fell below the 1.18 line in Monday?s European session.

Commodities

Oil for Feb 2015 contract ended lower by 4.7% at 46.1 $ / barrel.

Gold for Feb 2015 delivery gained 1.4% at 1232.8 $ / troy ounce.

Key Events for Today

Japan - Current Account
China - Export, Import, Trade Balance
Germany - WPI
UK - Core CPI, PPI, House Price index, BRC Retail Sales Monitor
US - Chain Store Sales, NFIB Small business optimism

Outlook

Indian markets could open in the green on positive macro data and consolidate at higher levels. Immediate support for Nifty is at 8280 level, while immediate resistance is at 8400 level. Among the sectoral indices Capital Goods, Power, Banks, Auto could relatively outperform while FMCG may relatively underperform.