Indian Markets
The Sensex opened flat after rallying 1151 points last week. Key European events that will decide market directions include today’s meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel; ECB & BoE meeting on Thursday and the EU Summit on Friday. Asian markets were mixed ahead of these events. The Sensex was down just 13 points at 16,833.45 and the Nifty declined 6.4 points at 5,043.75.
US Markets
U.S. stocks ended a stellar week with a whimper on Friday, erasing the morning's big job-related gains as concerns about Europe's debt crisis took over in the afternoon. The Dow Jones industrial average and the S&P 500 each lost a fraction of a point, while the Nasdaq rose less than 1 point. Earlier, all three major indexes had been up more than 1%.
Bank stocks were among the top gainers Friday, with Bank of America and JPMorgan Chase posting the biggest increases on the Dow. Morgan Stanley, Goldman Sachs and Citigroup shares also finished sharply higher.
The mood on Wall Street was positive after the U.S. government said employers boosted payrolls by 120,000 jobs in November, while the unemployment rate eased to 8.6% -- its lowest level since March 2009. In a speech to the German parliament Friday, German Chancellor Angela Merkel reaffirmed her support for a fiscal union.
Asian Markets
Today, the Asian indices are trading on a mix note with Shanghai, Strait Times & Taiwan trading lower by 0.8%, 0.3% & 0.5% respectively. However, Hang Seng, Nikkei & Kospi are trading higher by 0.2%, 0.4% & 0.1% respectively.
Currencies & Commodities
Oil for January delivery gained 0.76% to $100.96 a barrel. Gold futures for December delivery rose 0.66% to $1,751.3 an ounce.
Outlook for Today
After a sharp rally on Friday, we expect the markets to open marginally lower and consolidate in a range throughout the session. Immediate support for Nifty is at 4939, while resistance is at 5108. Among the sectoral indices, Banks, Metals & Power look good.
Source- hdfcsec,moneycontrol.Rh morning market update
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