Morning Bell!!!....Immediate support for Nifty is at 4650, while the resistance is at 4800.

Indian Markets

The main Indian equity benchmarks have opened with a positive bias, extending the gains to a third successive session, as investors welcome a series of upbeat data on the US economy and stability in European markets. Asian markets too are trading mostly up today, tracking overnight gains on Wall Street and Europe.

RIL, Wipro, DLF, L&T, BHEL, Tata Power, Maruti Suzki, Tata Motors, NTPC, Coal India, IDFC, HDFC Bank, Tata Steel, were among the notable leaders in the Sensex and the Nifty.

Infosys, Ranbaxy, TCS, ICICI Bank, Sun Pharma, Hero MotoCorp, were among the notable losers in the Sensex and the Nifty.

US and European Markets

U.S. stocks finished a quiet session higher on Thursday, after a stronger-than-expected reading on unemployment boosted investor optimism. The Dow Jones industrial average climbed 62 points, or 0.5%, the S&P 500 rose 10 points, or 0.8%, and the Nasdaq ticked up 21 points, or 0.8%.

Asian Markets

Today, all the Asian indices are trading in the green with Shanghai & Hang Seng trading higher by 0.3% & 1% respectively. Kospi & Strait times are up by 1% & 0.3% respectively, while Taiwan is trading higher by 1.8%.As of IST 8.50 am today, SGX Nifty is trading higher by 19 points.

Currencies

The rupee depreciated against the USD by 0.2% on Thursday on renewed dollar demand from importers and some banks despite firm local equity markets.

Commodities

Among the metals, Aluminium, Copper & Nickel ended higher by 0.3%, 1.3% & 1.8% respectively, while Zinc fell by 0.5%.Oil for February delivery rose 86 cents to $99.53 a barrel. Gold futures for February delivery dropped $3 to settle at $1,610.60 an ounce.

Key events to watch for today

India - Forex Reserves & WMA (ways and means advance) to central & state governments.

Italy - ISAE Consumer Confidence (Level)

France - PPI (M-o-M & Y-o-Y)

US - Personal Income & Outlays, Durable goods orders, new home sales, money supply & Fed Balance Sheet.

Outlook for Today

Today, we expect the Indian Markets to open in the green on the back of positive global cues & trade in a range with positive bias throughout the session. Immediate support for Nifty is at 4650, while the resistance is at 4800.

Sources- RH morning update, hdfcsec,