Nifty may continue positive momentum; eyes on HDFC, Axis

The Indian market is expected to open in green with the SGX Nifty trading around 8279, up 4 points early morning.

Benchmark indices snapped a three-day losing streak to close higher yesterday. Nifty ended close to 8,300 mark supported by banking stocks.

In earnings action, ICICI Bank and Maruti Suzuki delivered better-than-expected Q4 results thus glooming up the street. Idea Cellular, too, reported a stellar set of fourth quarter earnings with profits and margins beating estimates.

However, Bharti Airtel's earnings disappointed after profits and revenues missed estimates. The Indian operations of the company remain steady while Africa continues to drag.

In important earnings today, HDFC, Axis Bank and Ambuja Cement will declare results. The housing finance company’s net interest income growth is expected to be similar to previous quarters. The gross non-performing loans (NPLs) are also expected to be steady. Ambuja Cement's profits may plunge 35 percent owing to tax write backs.

The clock is ticking for the government and its legislative agenda. Finance Bill will be tabled on Thursday in the Parliament but appropriations bill will be taken up today, The GST Bill may be taken up for passage next week, no forward movement on the Land Acquisition Bill which could be put off for the next session.

Among global markets, US markets close mixed as investors digested the raft of earnings and awaited the Federal Reserve's statement due later today.

Twitter reported a beat on earnings but a miss on revenue, as well as lower 2015 full-year expectations. The company was scheduled to report after market closing but released its earnings early, after shares were halted following a 5.5 percent plunge on online reports that earnings may have leaked. The stock ended 18 percent lower on disappointing report.

In Europe, equities closed lower as investors took a breather from a stellar rally in the previous session and looked ahead to meeting by the US Federal reserve policymakers.

In the currency space, the dollar drops to an eight-week low after a weak u-s consumer confidence report, with investors cautious about a Federal Reserve meeting.

Among commodities, Brent crude prices hovered near USD 64 per barrel on expectations that US crude stockpiles could be at record highs for the 16th consecutive week.

From precious metals space, gold prices rise to USD 1210 an ounce on soft dollar.