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

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Indian Markets

The 30-share Sensex lost 79 points to close at 27,347 and the 50-share Nifty shed 22 points to close at 8,278. NSE cash turnover was at Rs. 16474.

On the sectoral front, BSE Metal index was the top loser down 3.5% followed by FMCG, Oil & Gas and Healthcare indices trading lower between 0.6-1%. However, BSE IT index emerged as the top gainer up 1% followed by Power, Auto and Teck indices up between 0.3-0.6%.  Hindalco and Sesa Sterlite leading the decline down 6% and 7%. ITC lost more than 3%. RIL and GAIL were down between 0.5-1%. ICICI Bank, Axis Bank and SBI down between 0.2-1%. BHEL gained 4%. 

As per the provisional figures on Wednesday, FIIs were net sellers of Rs. 70 cr in the cash market, while they were net buyers of Rs. 252 cr in the F&O markets. DIIs were net sellers of Rs. 224 cr in the cash market. 

US and European Markets

U.S. stocks fell for a fourth day on Wednesday as a World Bank forecast fueled concerns about global economic weakness and copper prices sank, although a late-day rebound in energy shares left the market well off its lows after a volatile session. The Dow Jones industrial average fell 186.59 points, or 1.06 percent, to 17,427.09, the S&P 500 lost 11.76 points, or 0.58 percent, to 2,011.27 and the Nasdaq Composite dropped 22.18 points, or 0.48 percent, to 4,639.32.

European benchmarks ended sharply lower. UK?s FTSE fell by 2.41%, while France?s CAC and Germany?s DAX index fell by 1.56% & 1.25% respectively.

Most of the Indian ADRs ended on a negative note. Infosys was 0.1% while Wipro was down 2.3%.Dr. Reddy?s was down 0.3% while Tata Motors was down 2.1%. Banking stocks ICICI was down 1.8% while HDFC Bank ended lower by 0.5%.
 
Latin American Markets

Among the Latin American markets, the Mexican markets ended lower by 1.2%, while Brazilian index fell by 0.8%.

Asian Markets

Among the Asian indices, Nikkei 225 was higher by 1.4%, Straits Times up 0.1%, HangSeng 0.2% while Taiwan was almost flat. However Kospi is trading lower by 0.2%.

As of IST 8.35 am SGX Nifty is trading higher 112 points. 

Currencies

The Indian rupee on wednesday snapped its five-day uptrend against the greenback, ending four paise lower at 62.18 on fresh dollar demand from banks and importers in view of fall in crude oil prices. 

The euro gained 0.3 percent, to $1.1789, up modestly after reaching a nine-year low. The currency rose after Europe?s highest appeals court broadly supported the European Central Bank on a proposed, but never used, emergency bond-buying measure.

Commodities

Oil for Feb 2015 contract ended higher by 5.64% at $48.48 / barrel.

Gold for Feb 2015 delivery gained 0.01% at $1234.50 / troy ounce.

Key Events for today

US - Continuing Jobless Claims, Initial Jobless Claims, Core PPI, NY Empire State Manufacturing Index, Bloomberg Consumer Confidence, Philly Fed Business Conditions, Philly Fed New Orders.
EUR - Trade Balance, German GDP Annual, Spanish CPI.
Japan - Core Machinery Orders, CGPI

Outlook

Indian markets could open positive and consolidate at higher levels. RBI has come with an unexpected rate cut by 25 bps before the market hours today. Strong support for Nifty is at 8230 level, while immediate resistance is at 8365 level. Among the sectoral indices Capital Goods, Banks, Power, Auto could outperform.