Indian Market Likely To Open Positive

Indian equities indices slipped for the third successive session on Tuesday weighed down by rate sensitives like banking, realty and auto stocks. On the other, a pull-back in Crude Oil prices saw select energy shares bounce back sharply in trade today. The Sensex managed to hold the 29000-mark amid selling pressure, down 122.13 points to 29000.14. The Nifty slipped 40.85 points to 8756.55. The BSE Midcap Index was down 0.41% and the BSE Smallcap Index declined 0.37%.

The Reserve Bank of India (RBI) kept the key rates unchanged. The repo rate was unchanged at 7.75% and the reverse repo rate at 6.75%. However, RBI has cut SLR by 50 basis points to 21.5%, effective February 7. Governor Raghuram Rajan says more data is awaited for further action on the rates front, adding the inflation is likely to be around 6% by January 2016.

The U.S. stock market ended sharply higher more than 1% on in a second consecutive day of gains, boosted by a surge in oil prices and alleviation of concerns in the euro zone. The Dow Jones industrial average surged 305.36 points, or 1.8%, to close at 17,666.40. The S&P 500 index gained 29.18 points, or 1.4%, to 2050.03. The Nasdaq composite rose 51.05 points, or 1.1%, to 4727.74.

Crude oil surged Tuesday, extending a rally that's pushed prices up 20% in the past four trading sessions following oil's bottom to near six-year lows. WTI crude closed up USD 3.48, or 7%, at USD 53.05 per barrel, marking its highest settlement this year. Brent crude oil was last up USD 3 at USD 58 a barrel.

Greek stocks led a European market rally Tuesday. The Athens stock exchange rose 11% as Greek bond yields eased; sign investors are less worried about default. The Stoxx Europe 600 index picked up 0.8% to 370.28, rising for a second straight day. France's CAC 40 index put on 1.1% to 4,677.90, while the U.K.'s FTSE 100 index climbed 1.3% to 6,871.80. Germany's DAX 30 index gained 0.6% to 10,890.95, an all-time closing high.

Asian equity markets open positive on Wednesday followed Wall Street into the green. Australia’s S&P/ASX 200 Index climbed for a 10th straight day and climbed 1.16%. Japan’s Topix index jumped 2.2% and South Korea’s Kospi index added 0.6%. New Zealand’s NZX 50 Index currently trading at flat after good positive start. The Shanghai Composite Index up by 0.35% and the Hang Seng Index climbed 0.85%.

SGX Nifty is trading in green and up by 43 points. Indian market may expect to open positive following other Asian markets. Aurobindo Pharma, Bharti Airtel, Bombay Dyeing, Century Textiles, Gujarat Pipavav Port, JK Lakshmi Cement, Tata Power, Tide Water Oil And Wockhardt would be reporting third quarter earnings today.