According to Ventura Securities, markets to open in red on account of negative global cues. US markets ended on a negative note yesterday.
Sensex, on Tuesday, gained 292 points and closed at 29,571 led by financials and capital goods which rallied on hopes of strong order inflows post the clearance of the Indo-US nuclear deal. Also, the stimulus announced by the ECB in the past week has attracted more
liquidity into attractive emerging markets such as India.
Among sectors, Bankex, Capital Goods, Auto, FMCG and Realty gained over 1 percent each. Among stocks, Axis Bank, Cipla, ICICI Bank, ITC and HDFC Bank ended strong. However, marketbreadth was negative with 1,407 advances against 1,537 declines. Nifty gained 75 points and closed at 8,910.
Today we expect the markets to open in red on account of negative global cues. US markets ended on a negative note yesterday; Dow closed 1.65 percent down, while Nasdaq fell 1.9 percent on disappointing economic data and weak corporate earnings. US markets, today, will see data releases on FOMC Statement, Federal Funds Rate, and Crude Oil Inventories.
Asian markets are trading on a negative note with Nikkei down 0.05 percent and Hang Seng down 0.15 percent tracking the sharp fall in US and Europe markets. SGX Nifty is trading down 38 points at 8,879. Indian ADRs ended the day on a mixed note. Among financial ADRs, ICICI Bank closed 0.78 percent up and HDFC Bank closed 0.26 percent up. Among IT ADRs, Wipro was up 0.7 percent, while Infosys was down 1.54 percent. Tata Motors was down 1.52 percent.
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