Indian Markets
The frontline Indian equity benchmarks have rallied in early morning trade on the back of a worldwide rally in risky assets after six top central banks swung into action to ease credit conditions for banks amid worries about the worsening debt crisis in the eurozone. The BSE Sensex spurted by more than 500 points while the Nifty briefly crossed 5000 mark before softening slightly
Indian markets ended higher on Wednesday despite a disappointing domestic second quarter GDP and weak global peers. While the BSE Sensex finally closed 115.12pts or 0.72% higher at 16,123.46, the Nifty gained 26.95pts or 0.56% to close at 4,832.05.
US Markets
Investors around the world raced to scoop up stocks on Wednesday, after the Federal Reserve said it would work with other central banks to support the global economy.
All three major stock indexes closed the day up more than 4%. The Dow's 489-point gain is the largest of 2011 and the best percentage gain since March 2009. Still, despite today's run-up, the Nasdaq and S&P 500 are down for the year.
The Indian ADRs ended on a mix note with Dr. Reddy?s & MTNL ending lower by 0.8% & 0.9% respectively. However, Infosys & Wipro ended higher by 2.1% & 1.7% respectively. Tata Motors, ICICI & HDFC Bank gained 2.8%, 4.1% & 4.1% respectively.
Asian Markets
Today, the Asian indices are trading sharply higher with Nikkei, Shanghai & Hang Seng trading higher by 2.1%, 3.7% & 5.6% respectively. Strait Times, Kospi & Taiwan are trading higher by 2.3%, 3.7% & 3.7% respectively.
Currencies & Commodities
Among the Metal prices, Zinc gained 0.2%, while Aluminium, Copper & Nickel fell by 0.9%, 0.5% & 0.4% respectively. The dollar gained against the euro, the British pound and the Japanese yen. Oil for January delivery gained 43 cents to $100.22 a barrel. Gold futures for December delivery moved up $30.50 to $1,744.20 an ounce.
Outlook for Today
Today, the Indian markets could open sharply higher on the back of firm global cues.However, later during the day it could run into resistance at higher levels. Among the sectoral indices, Banks, Auto & FMCG are expected to outperform
Sources- hdfcsec,rh morning market
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