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Global mkts in green, but Nifty unlikely to follow suit

The Indian equity market is expected to open in red today with the SGX Nifty trading at 8726, down 15 points.

The market fell for the fifth consecutive session on Thursday, dragged by the late trade selling in capital goods, power, metals, oil and select banks stocks. The 30-share BSE Sensex rallied 395 points intraday, before closing down 32.14 points at 28850.97. The 50-share NSE Nifty went past 8800-mark during the day, before ended the session at 8711.70, down 12 points.

Global cues, meanwhile, are positive with the US markets rallying 1 percent ahead of it’s non-farm payrolls report. The data is expected to show creation of 230,000 jobs in January.

Equities ended flat after the European Central Bank (ECB) put more pressure on Greece to come to an agreement with its lenders over the future of its bailout program. Greek markets closed down 3 percent.  Asian equities followed Wall Street higher but apprehension about Greece’s bailout program may cap gains.

In other asset classes, nymex crude prices jumped about 4 percent as falling output and rising violence in Libya, along with central bank easing in China, helped crude rebound. Brent crude rose to USD 56.

In the currency space, the euro inched up on strong German data, gaining back some of the lost ground. Data showed German industrial orders surged far more than forecast in December, hitting their highest level since April 2008.And precious metal gold dipped marginally to USD 1260 dollars an ounce.

Back home, from the earnings corner, Tata Motors reported disappointing Q3 numbers. Jaguar Land Rover (JLR) margins came in below estimates. The company’s standalone business was hit by one off provisions as the management made a one time provision of Rs 310 crores for write offs at Singur plant.

Earnings to watch out for today will be Tata Steel and NMDC. According to a CNBC-TV18 poll, Tata Steel’s total turnover will fall 4 percent to Rs 35400 crore while profits may plunge 58 percent. Meanwhile, NMDC may see a 4 percent drop in profits.

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