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Nifty likely to consolidate; keep an eye on DLF, BHEL

Stocks in the US closed up about 1 percent as investors shook off early negative news out of Greece on hopes of a resolution. The major indices were in the green for the year, with the Nasdaq leading gains with a 1.09 percent year-to-date gain.

The Indian equity market is likely to consolidate today after it rebounded on Tuesday for the first time in last eight sessions, and with the SGX Nifty an indicator of pre-market opening trade down just 14 points at 8613 around 7:30 am on Wednesday.

The 30-share BSE Sensex climbed 128.23 points to 28355.62 and the 50-share NSE Nifty rose 39.20 points to 8565.55. The BSE Midcap index gained 0.4 percent while Smallcap fell 0.1 percent at the end of session on Tuesday.

Stocks in the US closed up about 1 percent as investors shook off early negative news out of Greece on hopes of a resolution. The major indices were in the green for the year, with the Nasdaq leading gains with a 1.09 percent year-to-date gain.

In Europe, the FTSE closed down with falling oil prices weighing on the basic resources and energy-dominated index. CAC and DAX closed higher following rumors of a compromise deal on Greek debt.  The Greek market closed higher by 8%.

There is speculation that the European Commission could be ready to table a compromise on Greece’s bailout programme and propose a six-month extension to the country’s bailout which is due to end on February 28.

Investors will be keenly watching for a possible Greek debt deal when the euro group of finance ministers meets in Brussels today where Greece’s finance minister is expected to detail new reform proposals.

In the currency space, the dollar hovered at one-month highs versus the yen, bolstered by gains in treasury yields, while uncertainty over a new debt deal for Greece kept a cloud over the euro.

From the commodities space, crude prices slipped after the international energy agency warned that oil prices may decline as stocks continue to increase this year. Brent crude slips to 56 dollars per barrel. And the precious metals gold slipped marginally following a rise in dollar.

Meanwhile, back home some of the stocks that could be in focus are DLF, BHEL and Asian Paints.  DLF because the CCI has ordered second probe against company, and BHEL because the government has asked merchant bankers to make presentation on divestment on Feb 11.

Asian Paints would be in news on back of its arm completing acquisition of 51% stake in Ethiopia’s Kadisco Paint for USD 18.95 million.

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