Indian markets to open flat on mixed global signals - ICICIdirect

The Indian markets are expected to open flat on the back of mixed global cues. The markets ended in the green after recovering from losses incurred during the day's trading session. The markets opened weak on the back of the RBI Governor's statement calling for greater independence for central banks in making monetary policy decisions. The statement holds significance as the markets expect the RBI to cut key policy rates in its monetary policy review meeting on January 29. The market recovered towards the end on the back of a sharp rise in services sector business activity. HSBC's Services PMI for December came in at 55.6 as against 52.1 in November. Technology and oil & gas sector stocks gains outweighed losses witnessed in metal stocks during Friday's trading session. The Sensex was higher by 19.3 points to close at 19784.1 while the Nifty ended at 6016.2, up 6.6 points. The Sensex has supports at 19690 and 19620 and resistances at 19820 and 19950. The Nifty spot has supports at 5980 and 5950 and resistances at 6025 and 6055.

US markets were in the positive territory for most of Friday's trading session although buying interest was subdued. Traders remained sceptical following Thursday's news that the US Fed could end its quantitative easing programme earlier than anticipated. However, positive economic data helped the market to remain upbeat. A recent report from the Labour department showed that non-farm payroll employment increased by 155,000 jobs in December and the unemployment rate remained unchanged at 7.8% in December from the previous month's revised figure of 7.8% from the earlier released 7.7%. The Dow was up 43.8 points or 0.3% to 13,435.2, the Nasdaq was marginally up by 1.1 points to 3101.7 while the S&P 500 ended up by 7.1 points to close at 1,466.5.

Source : Equity Bulls

Keywords