Indian Markets
The Sensex rebounded with more than 100 points gains on Friday after sharp appreciation in the rupee. Even globally, the US economic data and Spanish bond auction improved sentiments yesterday. At the moment, all eyes are on the RBI's mid-quarter review of monetary policy expected today at 12 noon.
The Sensex was up 148.6 points at 15,985.07 and the Nifty was trading at 4,791.95, up 45.60. Banks, capital goods, telecom, auto and metals stocks gained.
US and European Markets
U.S. stocks closed higher on Thursday on upbeat jobs and manufacturing reports, but investors said the market remains nervous about the European debt crisis. Dow Jones rose 45 points, or 0.4%, to close at 11,869. S&P 500 rose 4 points, or 0.3%. Nasdaq added 2 points, or 0.1%, to 2,541.
European shares have closed sharply lower and the euro tumbled to near one-year dollar lows. The pessimistic mood was fuelled by fresh concerns the measures trumpeted at last week's EU summit will not solve the eurozone debt crisis. Britain's FTSE 100 rose 0.6%, DAX in Germany gained 1% and France's CAC 40 added 0.8%.
All the Indian ADRS ended in the green with Tata Communications gaining the most (4.2%) while MTNL and Satyam rose by 2.2% and 1.7% respectively. Tata Motors ended higher by 0.7% while Infosys and HDFC Bank gained 0.5% each. ICICI Bank and Wipro rose by 0.4% and 0.1% respectively.
Asian Markets
Today, all the Asian indices are trading in the green except Shanghai, which is down marginally. Kospi is trading higher by 0.5% while Nikkei and Strait Times are down 0.3% each. Hang Seng and Taiwan are down by 0.2% and 0.1% respectively. SGX Nifty is trading higher today by 5.5 points.
Currencies
The Indian rupee continued its downward spiral against the US dollar on Thursday, hitting another record low due to concerns over the eurozone debt crisis and weak domestic data.
Commodities
Among the metals, Copper and Zinc lost 1.2% and 0.2% respectively. Aluminium and Nickel gained 0.6% and 0.1% respectively. Oil for January delivery fell $1.08 to $93.87 a barrel. Gold futures for February delivery fell $9.70 to $1,577.20 an ounce.
Key events to watch for today
India Mid-Quarter Review of Monetary Policy
US Fed Balance Sheet, Money Supply, CPI
EU Merchandise Trade
Outlook for Today
Today, we expect the Indian Markets to open in the green in line with global cues. Today?s Mid Quarterly Review of the Monetary Policy would be keenly watched for further course of action.
Source-hdfcsec
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