Indian Markets
The benchmark index Nifty was inching towards 5100 mark aligning itself to positive cues from the global markets. Intraday support levels are placed at 4995 and 4940 whereas the resistance levels are placed at 5065 and 5110.
At 09.40 hrs IST, the Sensex was up 157.07 points or 0.93% at 16962.40, and the Nifty was up 48.10 points or 0.95% at 5087.25. About 1063 shares advanced, 442 shares declined, and 2234 shares remain unchanged.
US and European Markets
On Wall Street, stocks mostly rose on Tuesday on a report that European leaders might create a second bailout fund to supplement the one they have already agreed to. The second fund would nearly double the capacity of Europe's financial rescue programs. The plan involves allowing the existing 440 billion euros bailout fund to continue running when a new 500 billion euros facility comes into force in mid-2012, almost doubling the rescue system's firepower.
On Tuesday, S&P said it might also cut the AAA rating of Europe's bailout fund. The fund needs that top rating to cheaply raise money, and losing it would mean it would cost billions more to fund bailouts.
On Tuesday, hopes that Europe was finally serious about taming its debt crisis boosted U.S. stocks. Dow Jones closed up 0.4% at 12,150. S&P's 500 index closed up 0.1% to 1,258. Nasdaq composite closed down 0.2% at 2,650.
Asian Markets
Today, all the Asian indices are trading in the green with Taiwan trading higher by 1.1% while Hang Seng, Kospi and Nikkei are up 0.9% each. Strait Times and Shanghai are up by 0.5% and 0.2% respectively. Asian stocks are up amid growing optimism that European leaders will approve aggressive plans by the end of the week to rescue the region from a debt crisis that has roiled financial markets for months. As of 8.42 am, SGX Nifty is trading higher today by 27 points.
Currencies
U.S. dollar appreciated vs the rupee by 0.1% on Monday, dragged by choppiness in the euro ahead of a key regional summit this week, although traders said easing dollar demand from oil importers limited losses in the local currency.
Commodities
Among the metals, Nickel gained 1.1% while Copper lost 1%. Zinc and Aluminium fell by 0.3% and 0.1% respectively. Oil for January delivery rose 21 cents to $101.20 a barrel.Gold futures for February delivery fell $2.70 to $1,731.80 an ounce.
Key events to watch for today
US EIA Petroleum Status Report,
Australia GDP Report,
UK, Germany, Italy Industrial Production
Outlook for Today
Today, we expect the Indian Markets to open on a flat to positive note and could trade in a range today with positive bias. Among the sectors, Banking stocks could do well.
sources
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