Indian markets likely to open flat to positive

Indian equities markets witnessed a consecutive rally during entire session and increased by more than one per cent on Thursday. Meanwhile Nifty failed to sustain 7200 level due to mixed European cues. The Sensex increased 267.35 points or 1.14% quoting 23649.22; and the Nifty upped 83.30 points or 1.17% quoting 7191.75.

Overall sectoral indices marched towards the positive. The IT index rose by 1.94 per cent; and Healthcare index too increased by 1.78 per cent. BSE mid-cap index increased just 0.63%; and the small-cap index rose 0.59%.

U.S. stock market closed broadly lower, flickering after three days of consecutive gains. The Dow Jones industrial average decreased 40.40 points, or 0.25%, quoting 16413. The S&P 500 index declined 8.99 points, or 0.47% quoting 1918.

Oil prices wiped out the entire session’s gain after Saudi Arabia commented on not being prepared to cut crude production. One more reason for the fall was the coming in of a report related to US crude inventories advancing to an 86 year high. The U.S. benchmark crude, WTI decreased 1.14% to USD 30.42, while Brent crude, the international standard, also weakened 0.64% to USD 34.28.

European stocks witnessed mixed cues. Germany's main index, the DAX, increased 0.92% to 9463.64 along with France's CAC 40, which rose 0.15% to 4239.76. Britain's FTSE 100 diminished 0.97% quoting 5971.95.

Markets in Asia traded lower during the morning session on Friday after conscious global cues. Japan’s Nikkei 225 index decreased by 1.96 per cent. Australia’s S&P/ASX 200 Index too reduced 0.63% and New Zealand’s S&P/NZX 50 Index advanced 0.52%. South Korea’s Kospi also reduced 0.14%. The Shanghai Composite index opened flat to positive by 0.06% at 2864.

While on domestic front, A SGX Nifty 50 index future for February series traded down 12.5 points at 7169.5. Indian markets are likely to open in the flat to positive.