Asian Markets Asian markets are trading lower in early trade on the back of profit booking post rally on Wednesday. Shanghai Composite was trading down 22.53 points (-0.75%) at 2,981.30, Hang Seng was down 238.27 points (-0.15%) at 20,483.81, Nikkei was trading down 60.07 points (-0.58%) at 10,344.26, Straits Times was down 16.72 points (-0.60%) at 2,748.12. Seoul Composite was trading down 1.73 points (-0.11%) at 1,613.29 and Taiwan Weighted was down 20.69 points (-0.27%) at 7,527.29.
US Markets Dow Jones Industrial Average lost down 26.30 points (-0.26%) to end at 10,270.55 and S&P 500 Index shed 6.04 points (-0.55%) to settle at 1,097.28. Nasdaq Composite closed up 0.85 points at 2,190.91.
US markets snapped a two-day winning streak after tepid reports on employment and the services sector. The indices closed flat. Pfizer, one of the best performers in the last session, was the biggest drag on Dow after the its earnings and outlook fell short of expectations. In economic news, the ISM Non-Manufacturing index rose to 50.5 in January from 49.8 in December, but fell short of expectations. On the jobs front, ADP reported that 22,000 jobs were lost from private payrolls in January.
Indian ADRs Indian ADRs ended mostly in green on Wednesday. Satyam Computers went up 1.39% at $ 5.12, Patni Computers jumped 1.94% at $ 20.48, Wipro gained 1.11% at $ 20.9 and Infosys surged 0.24% at $ 53.2. ICICI Bank shot up 3.32% at $ 37 and HDFC Bank went up 1.02% at $ 121.61. Tata Communication went down 0.65% at $ 13.84 while MTNL gained 0.96% at $ 3.14. Tata Motors was up 0.83% at $ 15.74 and Sterlite Industries was up 1.7% at $ 16.75.
Crude Oil Crude oil traded near $77 a barrel in New York after dropping on a US Energy Department report that showed a bigger-than-forecast increase in inventories as refineries idled units and imports climbed. NYMEX light sweet crude contract for March delivery traded at $76.94 a barrel, down 4 cents, in electronic trading at 11:35 a.m. Sydney time. Yesterday, the contract fell 25 cents to settle at $76.98. London brent crude oil for March settlement dropped 14 cents to $75.92 a barrel at the end of the session on the London-based ICE Futures Europe exchange yesterday.
F&O cues Total Futures open interest is up by Rs 406 crore. Total Options open interest is up by Rs 2,338 crore. Stock Futures added 2.1 crore shares in open interest. Nifty Calls added 8.2 lakh shares in open interest. Nifty Puts added 31 lakh shares in open interest. Nifty put call ratio at 1.15 versus 1.10. Nifty Futures shed 21.3 lakh shares in open interest. Nifty Futures are trading at 5-point discount to the spot.
Market cues FIIs were net buyers of Rs 2447 crore in Nifty Futures. FIIs net buyers of Rs 9 crore in Nifty Options. FIIs net buy Rs 452 crore in Stock Futures. FIIs net buy Rs 46.5 crore in Stock Options.
Market Outlook Indian markets are expected to open lower on back of subdued global cues. Nifty has support at 4800, 4830 levels and resistance at 4950, 5000 levels. The metal and cement counters will continue to remain in focus.
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