Indian markets may witness gap up opening portraying a bullish trend

Indian equities markets witnessed a big rally after Union Budget on Tuesday. Meanwhile Nifty was able to sustain 7200 level. The Sensex increased 777.35 points or 3.38% quoting 23779.35; and the Nifty upped 235 points or 3.37% quoting 7222.3.Overall sectoral indices experienced bullish scenario during entire session on Tuesday. Banking index rose by 3.54% during the session.

The Dow Jones industrial average increased by 348.58 points, or 2.11%, quoting 16865. The S&P 500 index also rose 46 points, quoting 1978. However, the crude oil prices declined after unexpected rise in inventory. The U.S. benchmark crude, WTI decreased 1.16% to USD 34.0, while Brent crude, the international standard, also fell 0.33% to USD 36.69.

The crude oil prices increased to their seven week high. There was news flow that most major oil producers are supporting a decision to stabilize crude production. U.S. crude inventories rose by 9.9 million barrels after data from the American Petroleum Institute came in after Tuesday's settlement.

European stocks joined the global rally. Germany's main index, the DAX, increased 2.34% to 9717.77 along with France's CAC 40, which too rose 1.22% to 4406.84. Britain's FTSE 100 increased 0.92% quoting 6152.88.

Markets in Asia witnessed a positive trend during the morning session on Wednesday. Japan’s Nikkei 225 index increased by 3.45%. Australia’s S&P/ASX 200 Index increased by 2.2% while New Zealand’s S&P/NZX 50 Index increased 0.48%. South Korea’s KOSPI also rose 1.44%. The Shanghai Composite index increased by 0.61%. The Hang Seng index was up too by 2.05%.

While on domestic front, A SGX Nifty 50 index future for March series traded up by 104 points at 7340. The Indian markets may see gap up opening.