Indian Markets
The frontline Indian equity indices have lost ground in the opening trade, reversing some of the big gains registered in the preceding session.
The undertone is negative due to weak global markets and persistent concerns about deteriorating fundamentals of the Indian economy. The rupee, which advanced yesterday, is also down today versus the US dollar. The euro has softened after the ECB's maiden three-year lending program failed to alleviate concerns about the region's debt crisis.
ONGC, NTPC, HUL, Tata Power, Siemens, ITC were among the notable leaders in the Sensex and the Nifty. where as Infosys, ICICI Bank, Wipro, L&T, Rpower, DLF, BHEL, TCS, Tata Steel, SBI, were among the notable losers in the Sensex and the Nifty.
US and European Markets
The Dow and S&P 500 ended the day barely in positive territory on Wednesday, after falling nearly 1% on fears over the health of European banks and worse-than-expected readings on the housing market continued to trouble the markets. The Nasdaq trimmed some of the day's losses, but closed down 1% after most software stocks dropped dramatically following Oracle's surprisingly weak quarterly earnings released Tuesday night. The Dow Jones industrial average closed up 4 points, or 0.03%; while the S&P 500 added 2 points, or 0.2%. Competitors including Fortinet. TIBCO Software, and Teradata dropped between 5.5% and 7%.
Asian Markets
Today, all the Asian indices are trading in the red with Shanghai & Hang Seng trading lower by 1.4% & 0.7% respectively. Nikkei & Strait times are down by 0.6% & 0.3% respectively, while Kospi & Taiwan are trading lower by 0.4% & 0.1% respectively. As of IST 8.45 am, SGX Nifty is trading lower today by 42.5 points.
Currencies
The rupee appreciated against the USD by 0.7% on Wednesday to close at a more than one-week high following a sharp rebound in the local equities. Fresh dollar selling by exporters and some banks amid some weakness in dollar overseas also aided the rupee rise.
Key events to watch for today
India - WPI Index (Primary, Food, Non-Food Articles and Fuel & Power)
Italy - Retail Sales
UK - GDP
US - Jobless Claims, Chicago Fed National Activity Index (Level), GDP, Consumer Sentiment Index, FHFA House Price Index
Outlook for Today
Today, we expect the Indian Markets to open lower following weak global cues.Latest food inflation data is due today but may not have any material impact on the overall sentiment, which is pretty fragile. However, later during the day, it could find support at lower levels and make an attempt to recover some of its losses. Immediate support for Nifty is at 4650, while the resistance is at 4750.
Source- rh morning market,HDFCSEC Report
No comments:
Post a Comment