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

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Indian Markets

The 30-share Sensex ended 79 points lower at 26,909 and the 50-share Nifty closed 25 points lower at 8,102.  The broader markets - BSE Midcap and Smallcap indices ended flat in today?s trade.  The market breadth ended weak on the BSE with 1,505 shares declining and 1,339 shares advancing. NSE cash turnover was at Rs. 16353.

On the sectoral front, BSE Oil & Gas index is the top gainer up over 1%. However, Metal, Bankex and IT indices continue to lose sheen and are down between 0.2-1%.Coal India shares down around 0.5%. TCS, Infosys and Wipro have lost 0.5% each. Cipla, Dr Reddy?s Lab are trading down by 0.2% and 0.8% each. 

As per the provisional figures on Wednesday, FIIs were net sellers of Rs. 1073 cr in the cash market, while they were net buyers of Rs. 3 cr in the F&O markets. DIIs were net buyers of Rs. 601 cr in the cash market. 

US and European Markets

Stocks finished sharply higher holding onto earlier gains driven by rising hopes for more monetary stimulus from the European Central Bank and good news on the U.S. job market. The S&P 500 was up by 23.29 points or 1.16% to 2,025.9, Nasdaq gained 57.73 points, or 1.26 percent to 4,650.47 and the Dow Jones Industrial Average rose by 213 points or 1.23% and ended at 17,584.52.

The European markets ended marginally higher. FTSE gained 0.84%, DAX gained 0.51% & CAC gained 0.72%. 

Most of the Indian ADRs ended on a positive note. Infosys & Wipro was up by 2.1% & 1.2% respectively, while Dr. Reddy?s & Tata Motors were up 0.8% and 3.7% respectively. ICICI & HDFC Bank were up 2.2% & 3.5%
 
Latin American Markets

Among the Latin American markets, the Mexican markets were up 1.2%, while Brazilian index ended higher by 3%.

Asian Markets

Asian markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 1.16% while the Hang Seng is up 0.54%. The Nikkei 225 is not trading.

As of IST 8.45 pm SGX Nifty was trading higher by 74 points. 

Currencies

The Indian rupee rose to one-week high on Wednesday, despite lower Asian currencies markets, some export receivables and buying by foreign institutional investors (FIIs). The rupee closed at 63.17 a dollar.

The euro pushed to a new nine-year low against the dollar on Wednesday after weak eurozone inflation data cemented expectations that the European Central Bank would soon begin a large-scale sovereign-bond-buying program. The euro closed at 1.19 per dollar.

Commodities

Oil for Feb 2015 contract ended higher by 1.5% at 48.65 $ / barrel..

Gold for Feb 2015 delivery lost 0.71% at 1210.7 $ / troy ounce.

Key Events for Today

Japan - Foreign Bonds Buying
US - FOMC Meeting Minutes, Chain Store Sales (MoM) (Dec), Continuing Jobless Claims, Initial Jobless claims, Natural Gas storage.
Euro - Euro PPI (MoM) (Nov), Euro Retail Sales (MoM) (Nov), Spanish 5-Year Bonus Auction, Spanish Business Confidence, UK BoE QE Total (Jan), Interest Rate decision    
Germany - German Factory Orders (MoM) (Nov)

Outlook

Indian markets could open positive and consolidate at higher levels. Immediate support for Nifty is at 8065 level, while immediate resistance is at 8200 level. Among the sectoral indices Banks, Capital Goods, Power, Metals could outperform while FMCG, IT could relatively underperform.