Indian Market Likely To Open Negative

Indian equities indices slipped for the fourth straight session on Thursday dragged by the late trade selling in capital goods, power, metals, oil and select banks stocks. Investors were also cautious ahead of the Delhi Assembly polls which will be held on 7 February. Sensex rallied 395 points intraday, before closing down 32.14 points at 28850.97 and the Nifty went past 8800-mark during the day, before ended the session at 8711.70, down 12 points. The BSE Midcap and Smallcap indices declined 1.3% each.

HDFC Bank gained 2% as it kicked off a Rs 10,000 crore share sale, with a Rs 1,500 crore QIP book launched last night. Sources say the QIP book saw very strong response, was subscribed over 7 times. The bank is also looking to raise Rs 7,500-8,000 crore via ADR issue.

U.S. stocks rallied Thursday, as crude oil prices rebounded and jumped 4% to close above USD 50 a barrel following the previous session’s sharp 9% decline and upbeat company news helped push benchmarks back into positive territory for the year. The Dow Jones Industrial Average rose 211.86 points, or 1.2%, to 17884.88, now up 0.3% for 2015. The S&P 500 gained 21.01 points, or 1%, to 2062.52, giving it a 0.2% yearly gain. The Nasdaq Composite Index added 48.39 points, or 1%, to 4765.10.

The broader European stock markets got a boost from the rally in oil prices. However Greece stocks sold off on Thursday after the European Central Bank restricted liquidity to Greek banks. The STOXX Europe 600 index ended 0.1% higher at 372.51 for a fourth straight positive close. France’s CAC 40 index gained 0.2% to 4,703.30, while the U.K.’s FTSE 100 index added 0.1% to 6,865.93. Germany’s DAX 30 index dropped 0.1% to 10,905.41. Athens main stock index plunged by 3.4%.

Asian equity markets open mix on the final trading day of the week. Japan’s Topix index added 0.5%. South Korea’s Kospi index slid 0.2%. Australia’s S&P/ASX 200 Index increased 0.3% while New Zealand is closed for a holiday. The Shanghai Composite Index slide by 0.97% and the Hang Seng Index dropped 0.1%.

SGX Nifty is trading in red and down by 20 points. Indian market may expect to open in negative. Apollo Tyres, Balmer Lawrie, Dena Bank, D-Link (India), Finolex Industries, GAIL, Garware-Wall Ropes, GMDC, IDBI Bank, Heidelberg Cement, Jet Airways, Kalpataru Power, KRBL, NDTV, NMDC, MAZDA, Huhtamaki PPL, PC Jeweller, RCF, SUN TV, Tata  Chemical, Tata Steel,  Tree House, TVS Srichakra, and TV Today would be reporting third quarter earnings today.