Indian Markets
The Sensex opened with 72 points gap down following disappointing results from Index heavyweight Reliance. The market recovered immediately to trade flat led by banks and technology stocks. Even the buyback offer from Reliance supported the market to cut losses.
The Sensex was down 17.17 points at 16,721.84 and the Nifty fell 6.3 points to 5,042.30.
Index heavyweight Reliance Industries lost over 4% due to disappointing results in Q3, but the downside capped led by company's buyback offer. The company's Q3 PAT fell 22% to Rs 4,440 crore QoQ; Board members of the company approved share buyback of Rs 10,440 crore and approved to buy back shares up to Rs 870/sh.
Anil Dhirubhai Ambani Group's stocks like Reliance Infra, Reliance Power and Reliance Capital were down 1-2%.
Maruti Suzuki and L&T were down 1% & 0.25%, respectively ahead of results today.
US & European Markets
U.S. investors were unwilling to place any big bets on Friday, as key Greek debt talks remain unresolved. Despite that, all three indexes still closed out the week more than 2% higher on robust economic data and strong earnings.
European stocks closed slightly down snapping a four-session run of gains, as investors lost patience with Greek debt negotiations. Britain's FTSE 100 ticked down 0.2%, while DAX in Germany slipped 0.2% and France's CAC 40 fell 0.2%.
The Indian ADRS ended mixed with Dr Reddys and Satyam losing 3% and 1.8% respectively. Wipro and ICICI Bank gained 4.5% and 3.8% respectively while Tata Communications and Infosys rose by 1.2% each. HDFC Bank fell by 1.4% while MTNL rose by 1%. Tata Motors fell by 0.1%.
Asian Markets
Today, among the Asian indices, only the Japanese index Nikkei is open and is trading higher by 0.1%. SGX Nifty is trading higher by 6 points.
Currencies
The Indian Rupee erased early gains on Friday hurt by dollar buying from oil refiners and importers, but losses in the greenback versus other majors kept a lid on further weakness.
Commodities
Among the metal prices, Nickel gained 2.2% while Copper lost 1.3%. Zinc fell by 0.8% while Aluminium rose by 0.2%. Oil for February delivery slipped $2.28 to $98.11 a barrel. Oil for March delivery, which becomes the active contract at the close of trade Friday, lost $2.21 to $99.33. Gold futures for February delivery added $9.50 to $1,664.00 an ounce.
Outlook for Today
Today, we expect the Indian Markets to open in the green and later witness some correction. Support on Nifty is at 4,980-4,900 while resistance is at 5,067-5,100. Among the sectors, Bankex could do well today also while FMCG stocks could under perform.
Source-: hdfc security, moneycontrol.com
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ReplyDeletebanks, FMCG, technology and power stocks played a supportive role today
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