Indian Markets
Indian equity benchmarks have opened with a negative bias with the NSE Nifty dropping under the 5050 mark in early morning trade. The BSE Sensex is hovering around 16,800.
The Nifty opened on a tepid note echoing weak Asian markets. Traders opt to wait for the results of the crucial European Summit to be held on Friday before taking any call. The Sensex was down 71.14 points or 0.42% at 16805.92, and the Nifty was down 24.85 points or 0.49% at 5037.75. About 446 shares advanced, 510 shares declined, and 2783 shares remain unchanged.
US and European Markets
U.S. stocks ended mostly higher Wednesday as investors bet that European leaders will produce a meaningful solution to the debt crisis at a highly anticipated summit this week.
Dow Jones rose 46 points, or 0.3%, to end at 12,196. S&P 500 gained 2 points, or 0.2%, to 1,261. Nasdaq declined less than 1 point to 2,649.
European stock markets ended lower yesterday as hopes for progress at this week?s European Union summit were tempered by German objections to an alleged plan to boost the firepower of the eurozone?s bailout fund. Britain's FTSE 100 fell 0.4%, the DAX in Germany lost 0.6% and France's CAC 40 ended little changed.
Asian Markets
Today, all the Asian indices are trading in the red with Strait Times trading lower by 1.7% while Taiwan is down 1.4%. Nikkei and Kospi are down by 1% and 0.8% respectively. Shanghai is down 0.8%. Japan's Nikkei slipped from a four-week high on Thursday morning on profit taking ahead of a futures contract settlement and as market players turned cautious ahead of key events in Europe. As of IST 8.33 am, SGX Nifty is trading lower today by 14.5 points.
Currencies
The rupee fell for the second day losing 30 paise to close at 51.71/72 against the dollar following sustained dollar demand from importers and late weakness in local stocks.
Commodities
Among the metals, Zinc and Copper gained 0.75 and 0.6% respectively. Aluminium and Nickel rose by 0.25 and 0.1% respectively. Oil for January delivery fell 79 cents to $100.49 a barrel. Gold futures for February delivery rose $13 to $1,744.80 an ounce.
Key events to watch for today
US Consumer Credit Report
China Industrial Production and Retail Sales
India Weekly Inflation
US Jobless Claims and Wholesale Trade data
ECB rate cut announcement
Outlook for Today
Today, we expect the Indian Markets to open on a flat to negative note and could trade in a range today with negative bias. The markets could be nervous ahead of the ECB meet today and EU summit tomorrow. Among the sectors, Banking stocks could underperform.
Sources-hdfcsec,
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