Indian Markets
The key Indian stock indices rose smartly in early morning trade on the back of healthy gains in other Asian markets. Reports on European leaders readying draft rules for the region's bailout fund and the IMF preparing financial aid for debt-laden Italy have lifted the sagging sentiment across Asia. Also adding to the positive mood is news that US retail sales jumped over the Thanksgiving weekend.
The Sensex surged over 200 points in the opening trade, reacting to a solution to Italy's debt problems last week. There were reports that International Monetray Funds (IMF) is preparing Euro 600 billion loan for Italy in case the debt burden worsens. The week started on a good note as market witnessed broad based buying. The 30-share BSE Sensex was up 271 points at 15,966 and the 50-share NSE Nifty rose 81 points to 4,790 in the opening trade.
US Markets
U.S. stocks ended lower on Friday, logging the worst weekly losses in two months, as euro zone fears continued to weigh on investor sentiment.
Asian Markets
Today, the Asian indices are trading in the green with Taiwan trading up by 1.66%, Shanghai up by 0.45%, Hang Seng up by 1.84% and Strait Times up by 1.37%.
Currencies & Commodities
Among the Metal prices, Aluminium, Zinc, Copper & Nickel fell 1.1%, 0.8%, 0.9% & 0.9% respectively. The dollar gained strength against the euro, the British pound and the Japanese yen. Oil for January delivery rose 40 cents to $96.57 barrel. Gold futures for December delivery fell $10.10 to $1,685.70 an ounce.
Outlook for Today
Today, we expect the markets to open higher on reports that IMF is expected to provide upto Euro 400 bn assistance to Italy while France & Germany are exploring radical proposal for more rapid fiscal integration. Immediate support for Nifty is at 4639, while resistance is at 4771. Among the sectoral indices, Banks, CG and Realty could do well while IT and Healthcare could underperform.
source- hdfcsec,rhmorning market update
No comments:
Post a Comment