Indian Markets
Indian equity benchmark Sensex fell 100 points in the opening trade due to depreciating rupee to near 51 a dollar (falls 0.5%). Weak Asian cues on euro zone debt crisis too weighed on the India. Yesterday bears at Dalal Street took charge of the markets in the last one-and-a-half hour of trade after trading in a range bound manner since morning. While the BSE Sensex finally closed 236 pts or 1.4% lower at 16,883. The Nifty lost 80 pts or 1.6% to close at 5,069. Session.
US Markets
U.S. stocks closed higher on Tuesday as a batch of better-than-expected U.S. economic data temporarily overshadowed ongoing fears about the euro zone debt crisis. Dow Jones added 17 points, or 0.1%, to close at 12,096. S&P 500 gained 6 points, or 0.5%, to 1,258, Nasdaq rose 29 points, or 1.1%, to 2,686.
Most of the Indian ADRS ended in the red with MTNL losing the most (4.4%). However, Wipro, Tata Motors and Infosys rose by 1.1%, 0.7% and 0.3% respectively. Satyam and ICICI Bank lost 3.5% and 1.9% respectively. Dr Reddys and Tata Communications ended lower by 0.9% and 0.8% respectively while HDFC Bank fell marginally by 0.1%.
Asian Markets
Today, all the Asian indices are trading in the red with Hang Seng and Shanghai trading lower by 1.7% and 1% respectively. Taiwan and Strait Times are down by 0.5% and 0.3% respectively. Nikkei is own 0.1% while Kospi is marginally in the red.
Commodities
Among the metals, Nickel fell by 2.5% while Aluminum and Zinc lost 1% each. Copper fell by 0.7%. Oil for December delivery rose 34 cents to close at $98.48 a barrel. Gold futures for December delivery slid $8.20 to end at $1,770.20 an ounce.
Outlook for Today
Today, we expect the Indian Markets to open in the red on the back of weak global cues. Support on Nifty is at 5,050-5,011 while resistance is at 5,100. Among the sectors, Banking stocks look weak.
Sources- hdfcsecurity, moneycontrol
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