Indian Markets
The top Indian equity indices have lost some ground in early minutes of trade. Investors are taking a step back after this month's strong rally while the undercurrent remains cautious ahead of today's EU leaders' summit. Also, lower-than-expected Q4 GDP growth in the US has also caused investors to be a little more guarded.
BHEL tanked 8.6% as its margin declined at 19.37% versus 22.96% YoY due to inflationary pressure and rising competition.
The Sensex was down 123 points at 17,110.63 and the Nifty fell 40 points to 5,164.65.
Major Results Today:
NMDC, Glenmark Pharma, Balrampur Chini , LIC Hsg, Indian Bank, Oriental Bank, Allahbad Bank, Corporation Bank, GMDC, Indiabulls Financial, Havells India, United Phosphorus, Kansai Nerolac, National Fertilizers, EID Parry, MCLeod Russel, Sadbhav Engineering, Punjab and Sind Bank, Bajaj Corp, ENIL, Orient Papers, HSIL, Aanjaneya, IL&FS Investment Managers, Taj GVK, Noida Toll Bridge, PVR, Ajmera Realty, Chemplast, Zee Learn, Nelcast, GHCL, Nitco, Rajshree Sugar, Amarjyothi, Electrotherm, Pansonic Home, 3M India, Ingersoll Rand, Mahindra Lifespace
US and European Markets
U.S. stocks ended mostly lower on Friday as jittery investors digested a weaker-than-expected economic growth report and as Europe's debt crisis still loomed in the background. Dow Jones dropped 74 points, or 0.6%, S&P 500 slipped 2 points, or 0.2%. Nasdaq managed to gain ground, adding 11 points, or 0.4%.
Friday's slump came as investors reacted to the government's first reading on fourth-quarter gross domestic product. The United States economy picked up speed at the end of 2011, growing at an annual rate of 2.8%, as consumers increased their spending. But the data fell short of the 3.2% forecast.
Asian Markets
Today, the Asian markets are trading in the red with Strait times & KOSPI trading down by 0.8% and 0.7% respectively. Nikkei too is down by 0.6%. Hang Seng & China is down by 0.7% each. On the other hand the Taiwan markets are up by 2.8%.SGX Nifty is trading down by 43 points over Fridays close.
Currencies
The Indian Rupee on Friday appreciated by 77 paise to close at a near 12-week high of 49.31/32 vis-?-vis the US Dollar, driven by strong capital inflows into rising local stock markets. Forex dealers said sustained dollar selling by exporters amid weakness in the U.S. currency?s value overseas also boosted the rupee sentiment.
Outlook
Today markets could open on a weak note following negative global cues and trade in a range with negative bias. The immediate resistance stands at 5250 while the immediate downside support is at 5180 & 5160. Banks, Realty & IT could underperform.
Source- hdfc security, india infoline
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