Morning cues: Nifty set to rally once again?
Here is a look at the global mood, some domestic newsmakers and top stocks that will decide the direction Indian equities will move today.
US markets rallied yesterday, with the Dow and Nasdaq hitting multi-year highs on robust economic data and reports suggesting that the ECB would agree to exchange their Greek bonds for new ones. The Dow rose by about a percent, its highest closing level since May 2008 and the Nasdaq logged its best gains since December 2000. The S&P 500 meanwhile gained 1% finishing at its highest level in about nine months. On the back of the exuberance in the US, European markets trimmed losses to end flat.
Back home, it was a choppy session for the Indian market, with the Nifty finally managing to close above 5,500 after an intra-day dip.
Asian markets started off on a strong wicket on signs that euro zone officials would approve a long-awaited bailout for Greece to avoid any disorderly default.
In the commodities space, Brent crude prices surge to eight-month highs above 120 dollars on worries about supply from Iran and from the North Sea, where output was expected to dip next month. Euro reversed losses against the dollar, and gold remained flat on Greek optimism.
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Weekly jobless claims in the US fell to a four year low of 348,000, lower than what the street estimated. The US consumer price index for January is expected to come out today, and consensus data indicates an uptick.