Indian Markets
The main Indian equity benchmarks have opened with a positive bias, extending the advance from last week, amid signs of strength in the US economy and stable Asian markets. Trading volumes across world markets have tapered off lately as market players opt for extended year-end Christmas break.
Trading volumes across world markets have tapered off lately as market players opt for extended year-end Christmas break.
Shares of telecom service providers like Bharti Airtel, Idea Cellular and RCOM have risen after the TDSAT restraint the DoT from canceling the inter-circle 3G roaming agreements between the mobile operators.
Shares of GVK Power & Infra have jumped after a business daily reported that Singapore's Changhi Airport was likely to buy a 26% stake in GVK’s airports business.
US and European Markets
U.S. Investors brought holiday cheer to the stock markets pushing the S&P 500 back into positive territory for 2011 and the Dow up 6% for the year. On a light trading day ahead of the holiday weekend, investors scooped up stocks after economic reports released Friday morning continue to provide glimmers of hope for the U.S. economy with better-than-expected readings on personal spending, income and housing released Friday morning.
Dow Jones added 124 points, or 1% Friday. The index is up 3.6% for the week and 6.1% for year. S&P 500 rose 11 points, or 0.9% Friday, adding 3.7 for the week and 0.6% for the year. Nasdaq moved 19 points higher, or 0.7%, and despite moving up 2.7% this week, it's still down 1.3% this year.
Asian Markets
Today, all the Asian indices are trading in the red except Nikkei, which is trading higher by 1.1%. Shanghai and Kospi are down by 0.3% and 0.5% respectively. Taiwan is down 0.1%.As of IST 8.45 am today, SGX Nifty is trading higher by 6 points.
Currencies
The rupee remained on a weaker footing against the US dollar, as local demand for dollars remained strong.
Key events to watch for today
India - IIP Core (Y-o-Y Chg)
Outlook for Today
Today, we expect the Indian Markets to open in the green on the back of positive global cues and trade sideways.
Source- RH morning market update, HDFC SECURITY
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