Indian markets expected to open flat - ICICIdirect

The Indian markets are expected to open flat on the back of mixed global cues. The markets opened weak on Tuesday morning on the back of weak global cues but eventually ended in the positive territory with modest gains. On Tuesday, rating agency Fitch reiterated its concerns over slowing domestic economic growth, inflationary pressures & ballooning fiscal deficit. It assigned a "Negative" outlook on India's sovereign credit rating. The realty, FMCG & healthcare sector stocks saw good buying whereas metal, capital goods & IT sector stocks witnessed selling pressure. The Sensex was up by 51.1 points to close at 19742.5 while the Nifty ended at 6001.7, up by 13.3 points. The Sensex has supports at 16965 and 19610 and resistances at 19800 and 19910. The Nifty spot has supports at 5980 and 5963 and resistances at 6025 and 6055.

US markets witnessed weakness during Tuesday's trading session and ended the session in the negative territory. The weakness was partially on the back of uncertainty over the upcoming corporate earning season, which will commence with aluminium major Alcoa releasing its quarterly results after the close of trading hours on Tuesday. On the economic data front, US consumer credit rose more than expected in November to the tune of US$16.1 billion as against an increase of US$14 billion (revised figure) in October 2012, according to a report released by the Federal Reserve. The Dow was down by 55.4 points or 0.4% to 13,328.9, the Nasdaq was down by 7 points to 3091.8 while the S&P 500 ended down by 4.7 points to close at 1,457.2.

Source : Equity Bulls

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