Indian Markets
The key Indian equity benchmarks have opened with a big gap, tracking overnight rally in the US and European markets, as investors cheer upbeat reports on the US and European economies. Most other Asian markets are also up smartly today while the Rupee has also advanced marginally versus the US dollar.
BANKEX, Consumer Goods, Consumer Durables, Power, Realty, Auto, Oil and Gas, PSU, IT, FMCG indices are the gainers. RIL, Infosys, Wipro, Coal India, DLF, Axis Bank, SBI, Tata Motors, NTPC, Ranbaxy, Bajaj Auto, ITC, Maruti Suzuki, Sterlite Inds,Tata Steel, Mahindra & Mahindra were among the notable leaders in the Sensex and the Nifty. HCLTECH, HEROMOTOCO were among the notable losers in the Sensex and the Nifty.
US and European Markets
U.S. stocks surged on Tuesday as concerns about the European debt crisis eased and investors welcomed signs of strength in the U.S. housing market. Dow Jones rose 337 points, or 2.9%, to end at 12,103. S&P 500 jumped 36 points, or 3%, to 1,241. Nasdaq gained 80 points, or 3.2%, to 2,604.
European stock markets ended with strong gains Tuesday, boosted by upbeat news on the German economy and sharply lower borrowing costs for Spain. Britain's FTSE 100 rose 1%, while DAX in Germany jumped 3.1% and France's CAC 40 rose 2.7%.
Asian Markets
Today, all the Asian indices are trading in the green with Taiwan up the most (3.9%). Kospi and Hang Seng are trading higher by 2.7% and 1.8% respectively. Kospi and Nikkei are up 1.5% and 1.4% respectively. Shanghai is up 0.4%. As of IST 8.15 am, SGX Nifty is trading higher today by 83 points.
Currencies
The rupee reversed all intraday gains to close steady on Tuesday as traders pared some long-dollar positions after RBI deputy governor said more steps would be taken, if needed, to bring stability to the domestic forex market.
Commodities
Among the metals, Zinc fell by 0.1% while Aluminum gained 1.5%. Nickel rose by 1.1% while Copper ended marginally in the green. Oil for January delivery rose $3.29 to end at $97.17 a barrel. Gold futures for February delivery rose $20.90 to settle at $1,617.60 an ounce.
Key events to watch for today
Italy GDP
US EIA Petroleum Status Report
US Existing Home Sales
Outlook for Today
Today, we expect the Indian Markets to open in the green and inch up further during the day. Among the sectoral indices, Oil & Gas and IT stocks could outperform.
Sources- HDFCSEC, RH Morning market update
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