The Indian market is expected to open flat today, mirroring flat opening to SGX Nifty and weak opening to most of the Asian markets. The US stocks ended modestly lower on Wednesday following the announcement by the Federal Reserve on the monetary policy. The Fed announced that it widely expects to keep interest rates unchanged and maintain its asset purchase program as part an effort to stimulate the economy. The comments from the Fed were backed up by a Commerce Department report showing that GDP unexpectedly fell by 0.1% in 4QCY2012 after surging up by 3.1% in 3QCY2012.
Nonetheless, upbeat jobs data helped offset the negative sentiment generated by the GDP report, with payroll processor ADP reporting a bigger than expected increase in private sector employment in the month of January. ADP said private sector employment increased by 192,000 jobs in January compared to economist estimates for an increase of about 172,000 jobs. Meanwhile, Indian shares rose marginally led by index heavyweight, Reliance Industries after the company raised US$800mn from overseas investors via a perpetual bond sale. Going ahead, earnings news is likely to be in focus on Thursday. Additionally, traders are also likely to keep an eye on reports on weekly jobless claims, personal income and spending, and Chicago-area business activity.
Markets Today-
The trend deciding level for the day is 20,014/6,057 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 20,064-20,123/6,0706,085 levels. However, if Nifty trades below 20,014/6,057 levels for the first half-an-hour of trade then it may correct up to 19,95519,906/6,043-6,029 levels.
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