Markets open marginally higher:: HDFC Sec

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Indian Markets

The 30-share Sensex ended down 159 points at 27,425 and the 50-share Nifty closed down 24 points at 8,299.   In the broader market, both the BSE Midcap and Smallcap indices performed marginally better than the front-liners with losses of 0.3% each.  

Market breadth in BSE ended negative with 1,539 declines against 1,384 advances. NSE cash turnover was at Rs. 16941. 

BSE FMCG index, up 0.7% was the lead gainer followed by BSE Healthcare index, up 0.1%. BSE Realty and Oil & Gas indices, down 1.9% and 1% were the top losers.

As per the provisional figures on Tuesday, FIIs were net buyers of Rs. 235 cr in the cash market, while they were net buyers of Rs. 1022 cr in the F&O markets. DIIs were net buyers of Rs. 46 cr in the cash market. 

US and European Markets

U.S. stocks fell on Tuesday, after a near 300-point rally on the Dow evaporated amid falling commodity prices and worries that Germany would throw cold water on the ECB taking additional steps to bolster the region's economy. Scaling back from a 282-point jump, the Dow Jones fell as much as 142 points, before ending at 17,613.7, off 27.2 points, or 0.2%. The S&P 500 shed 5.23 points, or 0.3%, to 2,023. The Nasdaq declined 3.2 points, or 0.1% to 4,661.5. The CBOE Volatility Index, a measure of investor uncertainty, rose 4.9% to 20.56. 

The European markets ended higher. DAX & CAC gained 1.6% & 1.5% respectively, while FTSE ended higher by 0.6%.

The Indian ADRs ended on a mix note. Infosys & Wipro gained 1% & 1.9% respectively, while Dr. Reddy?s & Tata Motors gained 0.1% & 2% respectively. However, ICICI & HDFC Bank ended lower by 1.6% & 0.5% respectively.
 
Latin American Markets

Among the Latin American markets, the Mexican markets ended lower by 0.7%, while Brazilian index fell by 0.2%.

Asian Markets

Among the Asian indices, Shanghai, Strait Times & Hang Seng are trading higher by 0.3%, 0.2% & 0.4% respectively. However, Nikkei & Taiwan are down by 1.1% & 0.3%, while Kospi is trading flat. 

As of IST 8.30 am SGX Nifty is trading higher by 9.5 points. 

Currencies

The rupee gave up all its gains to end marginally lower against the US dollar because of demand for the US currency mostly from state-owned banks, likely on behalf of oil companies. The Indian currency closed at 62.15 a dollar, down 0.02% from its previous close of 62.14 after opening at 62.09 per dollar and touching a high of 62.02.

The euro was trading close to nine-year lows against the dollar on Tuesday as the rout in oil prices continued, fuelling fears over the impact on global growth and inflation. EUR/USD was down 0.31% to 1.1795.

Commodities

Oil for Feb 2015 contract ended lower by 0.4% at 45.9 $ / barrel..

Gold for Feb 2015 delivery gained marginally by 0.1% at 1234.4 $ / troy ounce.

Key Events for today

US - Crude Oil inventories, Mortgage Finance index, Retail Sales, Export & Imports price index, MBA Mortgage Applications
EU - Industrial Production
UK - CB Leading index
China - New Loans
India - WPI inflation (A Bloomberg poll expects WPI inflation will be 0.4% for December 2014 as compared with zero in November)
Japan - Machine Tool orders

Outlook

Indian markets could open marginally higher and remain volatile in a narrow range of plus / minus 25 points on Nifty throughout the session. Global cues would be closely tracked during the latter half of the session. Strong support for Nifty is at 8260 level, while immediate resistance is at 8365 level. Among the sectoral indices Realty & Oil & Gas could underperform, while Bankex & IT could do well.