Indian Markets
The Sensex extended the sell-off in the early trade, falling over 264 points while the Nifty was slipping towards the 4550 level. The Indian rupee too depreciated by 45 paise to 53.15 a dollar; in the last week it appreciated sharply from a record low of 54.29 after RBI came out with some measures to minimise the speculation. Banks, capital goods, metals and technology stocks were also beaten down. The Sensex was quoting at 15227.40. Meanwhile, the Nifty fell 84 points to 4,567.80 led by fall in 43 stocks
US and European Markets
Stocks ended Friday mixed after a roller-coaster week in which all three indexes each lost more than 2.5%. After moving up more than 1% in the first hour of trading, stocks steadily retreated. Dow Jones closed the day down 2 points, or 0.02%. S&P 500 moved up 4 points, or 0.3%. Nasdaq increased 15 points, or 0.6%.
European stocks pulled back on Friday, adding to the fourth weekly loss in the past five. Britain's FTSE 100 ticked down 0.3% while DAX in Germany edged down 0.5%. France's CAC 40 shed 0.9%.
Asian Markets
Today, all the Asian indices are trading in the red with Kospi and Hang Seng trading lower by 2.5% and 1.9% respectively. Shanghai and Taiwan are down by 1.8% each while Strait Times is down 1.5%. Nikkei is down by 0.8%. As of IST 8.15 am, SGX Nifty is trading lower today by 41 points.
Currencies
USD had appreciated marginally against the Euro before France and Spain sell bills this week amid concern the currency blocs second- and fourth- largest economies will have their credit rating cuts. The 17-nation euro traded near a two-month low versus the yen after Fitch Ratings lowered its outlook for France’s credit ranking and said it may cut Spain’s grade.
The Indian rupee surged against the U.S. dollar in a day of wild swings after a central bank move to curb speculative currency bets led to a dramatic drop in volumes on Friday, even as it announced a likely reversal in its monetary policy stance.
Commodities
Among the metals, Nickel and Aluminium gained 1.5% and 1.2% respectively. Copper and Zinc rose by 1% and 0.4% respectively. Oil for January delivery increased 12 cents to $93.99 a barrel. Gold futures for February delivery rose $20.70 to $1,597.90 an ounce.
Key events to watch for today
US Housing Market index
Outlook for Today
Today, we expect the Indian Markets to open in the red in line with global cues and remain lower in the day. Among the sectoral indices, Banking and Auto stocks could underperform.
Sources- HDFCSEC
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