Indian Market May Open Positive On Positive Global Cues

Indian equities indices start the week with positive and march towards record highs. The Sensex jumped 140.12 points to end at over six-week high of 28,262.01 led by sharp gains in tech major Wipro and bluechips from banking and auto while FMCG index dragged by HUL dropped by 5.27% after tepid results. The Nifty closed 0.4% higher, after earlier touching its highest intraday level since Dec. 5.

U.S. markets were closed on yesterday for Martin Luther King Day.

European stocks markets closed higher Monday, extending their highest level since 2008, the start of a pivotal week for the region with the ECB forecast to announce fresh stimulus measures and Greece holding a snap election. The Stoxx Europe 600 Index added 0.2% to 353.18 at the close of trading. FTSE 100 index climbed 0.54% to end the day at 6,585.53 points. Frankfurt's DAX 30 grew 0.73% to a record high close of 10.242,35 points, while the CAC 40 in Paris gained 0.35% to 4,394.93 points.

Switzerland's main stocks index closed up 3.21% Monday after plunging 14% last week following the central bank's shock decision to scrap its three-year bid to hold down the value of the franc.

Brent crude oil prices fell below USD 49 a barrel and U.S. crude also fell more than USD 1 on Monday after the global economic outlook darkened and Iraq announced record oil production. Brent crude settled at USD 48.84 a barrel, down USD 1.33. U.S. crude was last trading down USD 1.17 at USD 47.52 a barrel.

Asian stock markets turned higher early Tuesday, as China's fourth quarter GDP beats Estimates. Japan’s Topix index gained 1.2%. The Bank of Japan starts a two-day policy meeting today. Australia’s S&P/ASX 200 Index lost 0.13%. New Zealand’s NZX 50 Index was little changed. South Korea’s Kospi index climbed 0.70%.

China's benchmark Shanghai Composite index widened gains by 1.6% following a better than expected growth reportcard. In the previous session, Chinese markets saw a sharp slide where the Shanghai composite tumbled nearly 8%, taking the index to a 6-year low after regulators took steps to rein in speculative lending.

SGX Nifty is also trading in positive and higher by 26.50 points. Today, Indian market is expected to open positive. BASF, Excel Cropcare, Kotak Mahindra Bank, Praj Industries, and Rallis India would be reporting third quarter earnings today. Earnings of ITC on Wednesday and ECB's decision on its widely-expected quantitative easing program on Thursday are seen as the next key triggers.