Morning Be!!....Indian stock indices have advanced in early morning trade, with the NSE Nifty reclaiming the 5100 mark and the BSE Sensex crossing 17,000.

Indian Markets

The frontline Indian stock indices have advanced in early morning trade, with the NSE Nifty reclaiming the 5100 mark and the BSE Sensex crossing 17,000. The undercurrent is upbeat as investors focus on gains for other Asian markets and reports suggest that Most EU leaders have agreed to strengthen a financial firewall against the debt crisis. The rebound today has come after Monday's big selloff where the Nifty and the Sensex lost 2% each.

Major Results Today:

ICICI Bank, PNB, NMDC, Siemens, Titan, Crompton Greaves, TVS Motor, Dabur India, IDBI Bank, Central Bank of India, Jagran Prakashan, Mahindra Holidays, Century Textiles, Shoppers Stop, Union Bank of India, Aban Offshore, City Union Bank, Delta Corp, PTC India, HCL Infosystem, Firstsource Solutions, Subex, KEC International, Blue Dart, IPCA Labs, Financial Technologies, Berger Paints, DCM Shriram Consolidated, Usha Martin, Welspun Projects

US & European Markets

U.S. stocks recovered most of their lost ground on Monday afternoon but struggled to pull out of the red as concerns over Greece continued to weigh on the market. Stocks started the day down about 1% after the weekend came and went without Greek leaders reaching an agreement on a debt-relief deal. But as the trading session wore on, the major indexes trimmed most of those losses.

Dow Jones finished 7 points lower, or 0.1%. Earlier, the blue chip index had declined 131 points. S&P 500 lost 3 points, or 0.3%, and Nasdaq slumped 5 points, or 0.2%.

European stocks extended losses due to uncertainties whether the meeting will bring viable solutions to the debt crisis in the area. Britain's FTSE 100 fell 1.1%, DAX in Germany dropped 1% and France's CAC 40 lost 1.6%.

Asian Markets

Today, amongst the Asian markets Strait times & Shanghai Composite are trading in the red, down by 0.4% and 0.2% respectively. Nikkei is trading up by 0.3%. Hang Seng & Kospi are up by 0.7% and 0.8% respectively. The Taiwan markets too are up by 1%.SGX Nifty is trading higher by 38 points.

Currencies

The Indian Rupee retreated from a near three-month high on Monday, weighed by weak equities, US Dollar demand from a local steelmaker and oil importers. Traders also awaited a debt deal between Greece and its private creditors for further clues on the local currency.

Commodities

Among the metals, Zinc and Copper fell by 3.6% and 2.5% respectively. Aluminium and Nickel ended lower by 1.5% each. Oil for March delivery slipped 78 cents to settle at $98.78 a barrel. Gold futures for April delivery fell $1.00 to settle at $1,734.40 an ounce.

Key events to watch for today

India : CPI (Industrial Workers)

Outlook for Today

Today, we expect the Indian Markets to open in the green and later witness some profit booking at higher levels during the day. Immediate supports to watch are at 5050 & 5000 levels while the immediate resistance levels are 5162 & 5200. Among the sectors, FMCG & Health Care may relativly fall by a lesser magnitude if markets correct from a higher levels during the day.

Sources- hdfcsec, India Infoline