Indian Markets
The main Indian equity benchmarks have opened with a negative bias as the ongoing political confrontation between the Government and the Opposition parties has escalated over various issues, including the Cabinet's move to open up the retail sector to the foreign companies.
Shares of retail companies have fallen for second successive session as pressure mounts on the Government to rollback the decision on allowing up to 51% FDI in multi-brand retail trade.
US Markets
U.S. stocks posted sharp gains on Monday, following reports of strong Black Friday weekend sales and amid optimism that European leaders may be working toward a solution to the continent's debt crisis.
The Dow Jones industrial average soared 291 points, or 2.6%, the S&P 500 added 34 points, or 2.9%, and the Nasdaq composite rose 86 points, or 3.5%. The advance broke a 4-day losing streak for the Dow and seven consecutive days of declines for the S&P 500 and Nasdaq.
Asian Markets
Today, barring Strait Times, which is trading marginally lower by 0.1%, all the other Asian indices are trading in the green. Hang Seng & Taiwan are up by 0.7% & 0.7% respectively, while Shanghai & Nikkei are trading higher by 0.5% & 0.8% respectively. Kospi is trading higher by 1.5%.
Currencies & Commodities
Among the Metal prices, Aluminium & Copper ended higher by 0.8% & 2.4% respectively, while Zinc & Nickel gained 2.4% & 1.6% respectively. The dollar slumped against the euro and the British pound, but edged higher versus the Japanese yen. Oil for January delivery jumped $1.44 to settle at $98.21 a barrel. Gold futures for December delivery rose $25.10 to settle at $1,710.80 an ounce.
Outlook for Today
After a sharp rally yesterday, today we expect the markets to open on a flat note & trade in a narrow range. Immediate support for Nifty is at 4766, while resistance is at 4874. Among the sectoral indices, Oil & Gas, FMCG and Banks are looking good.
SOURCE- HDFCSEC,RH MORNING MARKET UPDATE
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