Check out: Cues that will impact Nifty today

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Moneycontrol Bureau

The US markets eased off their highs in the final minutes of trading, but still finished the first trading day of 2012 with over one-and-a-half percent gains. The Wall Street cheered a handful of better-than-expected economic reports from around the world. The CBOE volatility index finished below 23.

US economic data:

The Federal Open Market Committee or the FOMC has announced that it will begin issuing policymaker forecasts for its benchmark interest rate later this month. The central bank projection will accompany its economic forecast after this month's meeting. So we need to watch out for that. The US Fed has decided to keep rates near zero, atleast until 2013.

ISM's Manufacturing Index rose to 53.9 in December from 52.7 in November. Construction projects rose 1.2% in November following a revised 0.2%.

Data to watch out for:

Factory orders are expected to rise to 2% in November after a 0.4% contraction in October. Also need to watch out for challenger job-cut report and weekly mortgage applications.

European markets:

The European markets too end higher on positive global economic data.

The MARKIT/CIPS UK PMI for the month of December has come in at 49.6 points versus 47.7 in November. The consensus estimate had been for a fall to 47.3. Though the PMI data below the 50 mark means that the British manufacturing sector continued to contract in December, however the decline has slowed down.

In Germany, unemployment fell by 22,000 in December. The adjusted jobless rate fell to 6.8% from 6.9% in November. A Reuters poll of economists expected a drop of 10,000 and for the rate to remain steady at 6.9%.

Asian markets:

Asian stocks firmed on Wednesday. The investor risk appetite returned after upbeat US and European economic data boosted global shares and commodities and hopes for improved growth outlook grew despite worries over the euro zone debt crisis.

Japan's Nikkei stock average opened up 1.11%.

Currency check:

The dollar trades near one-week low versus euro amid global growth optimism. The euro is currently above 1.30 to the dollar. The dollar index hovers around 79 levels

Commodities market:

Crude prices surge more than 4%, trading near an eight-month high as geopolitical tension between Iran and the west reinforced fears about potential supply disruptions, while strong Chinese and US economic data fueled optimism about global demand to start 2012 trading. Nymex at USD 103 per barrel levels while Brent currently at USD 112 per barrel levels.

Gold rises over 2% recouping all of last week's losses as encouraging US Manufacturing Data sparked rallies in the euro and the equities markets.

Local markets:

Yesterday, it was a strong rally on Dalal Street. The Nifty gained 128 points to close at 4,765 while the Sensex pocketed a whopping 421 point gain.

Stock Specific Action:

The SEBI board clears the decks for promoters to auction their stake on stock exchanges. The move will help companies comply with 25% public shareholding norm. It also makes regulatory changes allowing PSU buybacks . The cabinet will now take up the PSU buyback proposal today

CNBC-TV18 learns that Reliance has got the go-ahead to develop four discoveries at a satellite field in the KG-D6 -- to invest USD 1.53 billion.

The Competition Commission of India has given a clean chit to railways and SAIL MoU. The competition watchdog says that JSPL 's allegations do not hold ground as it would be incorrect to say that sail has misused its dominant position to create entry barriers.

CNBC-TV18 learns that Adani's joint venture project with Petronet LNG , Adani Petronet Port in Dahej, has commissioned its second jetty -- expanding its capacity to 20 million tonne a year.

Delhi High Court has rejected DLF 's plea against SEBI probe; imposes a cost of Rs 2 lakh.

Vini Amesar.
vini.amesar@network18online.com