Markets may continue with their consolidation mood

Indian equities indices were consolidating in a narrow range with a positive bias on Wednesday after a sharp fall in previous session. Sensex closed 17.04 points up at 24,900.63, while Nifty 50 index settled 11.15 points up at 7,614.35. While the broader markets outperformed benchmarks indices, the BSE Midcap and Smallcap indices gained 0.6% and 0.9%, respectively. On sectoral front, Metals were biggest gainers today, Nifty Metal rising 2.7%.

US stocks finished higher Wednesday, snapping its two-day losing streak, being boosted by a jump in oil prices; and shares of energy companies rose sharply higher. The Dow Jones industrial average gained 112.73 points, or 0.6%, quoting 17,716.05. The Standard & Poor's 500 index rose 21.49 points, or 1.1%, to 2,066.66. The Nasdaq composite index picked up 76.78 points, or 1.6%, quoting 4,902.72.

Crude Oil prices jumped above 5% after unexpected U.S. inventory drop; and also Kuwait's assurance that output freeze would proceed without Iran helped the cause. WTI crude rose USD 1.86, or 5.2%, to USD 37.75 a barrel and Brent crude climbed USD 1.97, or 5.2%, to USD 39.84 a barrel.

European stock markets were also gaining on Wednesday, as a rally in oil prices boosted energy companies and were also encouraged by positive Chinese data. The Stoxx Europe 600 index rose 0.8% to close at 330.65. The U.K.’s FTSE 100 index rose 1.2% to 6,161.63. France’s CAC 40 index added 0.8% to 4,284.64, while Germany’s DAX 30 index gained 0.6% to 9,624.51.

Asian stocks traded in the mix on Thursday despite of higher finish of Europe and U.S. equities overnight. Japan's Nikkei 225 lost initial gains and is now trading flatly. Australia's ASX 200 was up 0.50% while South Korea’s Kospi slipped 0.24%. Chinese markets lost ground, with the Shanghai composite lower by 0.73%.

On domestic front, A SGX Nifty 50 index future for April series traded down 12 points at 7,622. Indian markets are likely to open flat.