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Global markets in green, but weak Nifty opening seen

Global markets are positive with the US markets rallying more than a percent boosted by a surge in oil prices and alleviation of concerns in the euro zone. European markets too gained with the Greek market trading up 11 percent.

The Indian equity market is likely to open mildly in the red today with the SGX Nifty trading at 8803.50, down 13.50 points at 7:15am. The market fell for the third consecutive session on Tuesday, weighed down by banking & financials stocks post RBI policy and PNB Q3 earnings.

The 30-share BSE Sensex managed to hold the 29000-mark amid selling pressure, down 122.13 points to 29000.14. The 50-share NSE Nifty slipped 40.85 points to 8756.55.

Global markets are positive with the US markets rallying more than a percent boosted by a surge in oil prices and alleviation of concerns in the euro zone. European markets too gained with the Greek market trading up 11 percent. Asian markets are in the green with the positive handover.

In other asset classes, nymex crude surged 7 percent to USD 53 dollars per barrel, brent crude surged to USD 57.

In the currency space, the dollar nurses broad losses, having suffered its biggest one-day fall in over a year as investors cut long positions. The market instead snapped up commodity currencies on a further recovery in oil prices and a surge in copper.

And precious metal gold struggled around USD 1260 per ounce as Greece’s plan to end a standoff with creditors lifted the appetite for risky assets such as equities. 

Back home, telecom major Bharti Airtel may see a 2.6 percent revenue growth while profits may decline 8.5 percent to Rs 1266 crores. The company’s India wireless business could see a 3.9 percent revenue growth. However, dollar revenue growth in Africa could be very disappointing due to cross currency.

The country’s largest 2-wheeler maker Hero Motocorp missed estimates with its third quarter earnings. The company’s profits rose 11 percent, but weak sales coupled with tepid margins drags revenues lower.

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