Morning Be!!.....The frontline Indian stock indices advanced at the opening bell

Indian Markets

The frontline Indian stock indices advanced at the opening bell and are trading just a tad higher in early morning trade with the BSE Sensex within striking distance of the 16,000 mark and the NSE Nifty above 4750.

The market breadth is positive as broader indices too have posted slim gains in early morning trade. India VIX is flat and most sectoral indices are trading in the positive territory.

The early bounce across world stocks has tapered off a wee bit as old worries have returned to haunt global investors. Auto shares may remain in the spotlight as the 11th Indian Auto Expo kicks off today

US and European Markets

U.S. stocks clawed back from earlier losses to close mixed on Wednesday amid renewed concerns about the debt crisis in Europe.Dow Jones rose 22 points, or 0.2%, according to early tallies. S&P 500 edged up less than 1 point, while Nasdaq lost less than 1 point.

Asian Markets

Today the Asian indices are trading in the green except Nikkei and Shanghai, which are down by 0.6% and 0.3% respectively. Taiwan is trading higher by 0.3% while Strait Times, Kospi amd Hang Seng are up by 0.2% each. SGX Nifty is trading lower by 3 points.

Currencies

The Indian rupee ended higher for the second straight session on Wednesday after trading in a narrow range, on dollar sales by some foreign banks, although a retreat in the euro and a fall in domestic equities capped gains.

Commodities

Among the metals, Copper fell by 0.2% while Aluminujm and Nickel gained 1.7% and 1.4% respectively. Zinc rose by 0.7%.Oil for February delivery fell 38 cents to $102.58 a barrel. Gold futures for February delivery rose $12.70 to $1,613.20 an ounce.

Key events to watch for today

India - WPI Data y-o-y change

Outlook

Today, the Indian market is likely to open on a flat to positive note and later trade in a range. Support on Nifty is at 4,720 while resistance is at 4,800-4,840 levels. Among the sectoral indices, Capital Goods could do well.
Sources- HDFC SECURITY, RH Morning Report