Indian Markets
Indian equity benchmark Sensex gave up all of yesterday's gains to slip below 16,000 in the opening trade. The 30-share BSE Sensex fell 230 points to 15,835.72 and the 50-share NSE Nifty lost 68 points to 4,744.
Markets bounced back on Tuesday after eight consecutive sessions of losses.While the BSE Sensex finally closed 119.32pts or 0.75% higher at 16,065.42, the Nifty gained 34.0pts or 0.71% to close at 4,812.35. Broad market indices ended higher as the BSE Mid Cap and Small Cap indices gained 0.34% and 0.03% respectively.
US Markets
Stocks ended in the red on Tuesday, amid worries about U.S. economic growth. But losses were trimmed after the International Monetary Fund unveiled an enhanced lending program to help countries struggling with short-term liquidity problems from Europe's debt crisis. The Dow Jones industrial average ended down 54 points, or 0.5%. The S&P 500 slipped 5 points, or 0.4%, and the Nasdaq composite lost 2 points, or 0.1%. Earlier, all three indexes were down about 1%.
Asian Markets
Today, the Asian indices are trading lower with Hang Seng, Shanghai trading lower by 0.7% & 2.1% respectively. Taiwan, Kospi & Strait Times are trading by 1.8%, 2% & 1.5% respectively.
Currencies & Commodities
The Indian rupee saw sharp recovery in the early trade as it seems that RBI may have sold dollars to cap the slide. It was trading at USD 51.88 to the dollar as against 52.30 on Tuesday. Oil for January delivery gained $1.09 to settle at $98.01 a barrel. Gold futures for December delivery rose $23.80 to settle at $1,702.40 an ounce.
Outlook for Today
Today, we expect the markets to open lower following negative global cues and remain weak throughout the session. The underlying trend remains down and our downside targets for the Nifty are at 4720, which it could test in a day a two if global markets continue to remain weak and rupee continues to depreciate. Any pullback rallies could find resistance at 4850-4874. Metals, Auto & Consumer Durables look weak & could underperform.
Source- HDFC SECURITY
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