Indian markets expected to open in green

Indian equities markets witnessed an upswing on Monday. The upsurge was fourth consecutive day.  Meanwhile Nifty was not able to sustain 7250 level. The Sensex increased 79.64 points or 0.34% quoting 23788.79; and the Nifty upped 23.8 points or 0.33% quoting 7234.55.Overall sectoral indices rose during entire session on Monday. However, IT index declined by 0.27% during the session.

The U.S. flash manufacturing purchasing managers’ index (PMI) from Markit declined to 51.0 from 52.4 in January. This matches the lowest level since September 2009. The manufacturing output dropped for the third time in the past four months. In spite of declining macroeconomic data, U.S. stock market observed overall rally during the session.

The Dow Jones industrial average increased 228.67 points, or 1.40%, quoting 16621. The S&P 500 index also rose 27.72 points, quoting 1945.50. The crude oil prices boosted on the hope of freeze of over production output. The U.S. benchmark crude, WTI decreased 0.39% to USD 33.26, while Brent crude, the international standard, also rose 5.09% to USD 34.69.

European stocks also surged. Germany's main index, the DAX, increased 1.98% to 9573.59 along with France's CAC 40, which too rose 1.79% to 4298.70. Britain's FTSE 100 boosted 1.47% quoting 6037.73.

Markets in Asia traded mix during the morning session on Tuesday. Japan’s Nikkei 225 index increased by 0.34%. Australia’s S&P/ASX 200 Index declined by 0.33% after positive opening and New Zealand’s S&P/NZX 50 Index increased 0.59%. South Korea’s KOSPI also advanced just 0.04%. The Shanghai Composite index opened 0.83% down and Hang Seng Index too decreased 0.17% as ahead of Hong Kong’s budget on Wednesday.

While on domestic front, A SGX Nifty 50 index future for February series traded up 9 points at 7245.50. Indian markets likely to open green on fifth successive day. The Indian markets may stay range bound ahead of expiry of February derivative contracts due on February 25 and Union Budget that is organized to be announced on February 29.