Indian Markets
The Indian stock indices opened with a decent gap, tracking strong cues from the overseas markets, but could not capitalise on the positive start and lost some of the early steam.
Infosys, M&M, ONGC, DLF, SBI, BHEL, Reliance Infra, RCOM, Bajaj Auto, Sun Pharma, Jindal Steel, Tata Steel, Tata Motors, Sterlite Inds, Jaiprakash Asso, were among the notable leaders in the Sensex and the Nifty.
TCS,DRREDDY, Coal India, Siemens, Maruti, Cipla, Tata Power, HUL were among the notable losers in the Sensex and the Nifty.
Shares of FMCG major Emami were down sharply after R.S. Agarwal, Chairman of Emami Group, and a director of AMRI Hospitals was arrested late on Friday night. AMRI Hospitals is jointly promoted by Emami Group, which holds 66%, and real estate group Shrachi, which holds 32%. Six of AMRI Hospitals' seven arrested directors were on Saturday remanded in police custody for 10 days.
Source :- India Infoline
US and European Markets
U.S. stocks rallied Friday after a majority of European leaders agreed on a new deal to try to resolve the eurozone debt crisis. Dow Jones added 187 points, or 1.6%. S&P 500 jumped 21 points, or 1.7%. The Nasdaq rose 50 points, or 1.9%.
European stocks ended with solid gains. Britain's FTSE 100 ticked up 0.8%, DAX in Germany rose 1.9% and France's CAC 40 added 2.3%. European and U.S. stocks rallied on the news, ignoring Moodys downgrade of three top French banks: BNP Paribas, Credit Agricole SA and Societe Generale.
Asian Markets
Today, all the Asian indices are trading in the green except Shanghai, which is trading lower by 0.5%. Hang Seng and Nikkei are trading higher by 1.4% each while Kospi is up 1.1%. Taiwan and Strait Times are up by 0.9% and 0.8% respectively. As of IST 8.36 am, SGX Nifty is trading higher today by 25.5 points.
Currencies
The Indian rupee tumbled 0.9% on Friday, hit by dollar demand from oil importers and a slide in local equities, with sentiment remaining cautious as world markets awaited with bated breath the outcome of a key euro zone summit later in the day.
Commodities
Among the metals, Nickel rose by 0.7% while Zinc lost 1.7%. Aluminium fell by 0.1% while Copper gained marginally. Oil for December delivery fell $2.48 to $98.01 a barrel. Gold futures for February delivery dropped $31.80 to $1,713.00 an ounce.
Key events to watch for today
India IIP
Outlook for Today
Today, we expect the Indian Markets to open in the in the green on the back of positive global cues and later reverse the trend. Among the sectoral indices, Auto stocks could underperform.
Source-hdfcsec
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