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Opening bell: Nifty may open in red led by global markets

The Indian market is expected to open in red today taking cues from the global markets. The SGX Nifty, an indicator of pre-market opening was down 25 points to 9027 in early morning trade.

However, the market hit fresh all-time highs yesterday. The Nifty surged to a historic high of 9,008 before finally closing just 4 points below 9,000. The Sensex gained 100 points.

Among global markets, in the US, stocks pulled back from recent highs to close lower in light volume trade, as investors weighed soft auto sales and looked ahead to domestic data. A negative finish on Wall Street with the Nasdaq closing below 5,000 levels.

In Europe, equities closed lower yesterday as investors reacted to a slew of earnings news and economic data. Barclays’ shares closed around 3.2 percent lower after the bank said it had put aside USD 1.2 billion in the last quarter for any potential regulatory fines for alleged foreign exchange market manipulation.

And in Asia, Japan’s Nikkei trades lower on stronger yen. Kospi index retreated from a new five-month high.

Australia grew 2.5 percent on-year in the October-December period, inline with estimates. On a quarterly basis, the country expanded 0.5 percent, matching market consensus.

In the currency space, the dollar hovered below an 11-year high versus a basket of major currencies, as investors await US economic data and European Central Bank meeting later this week for fresh direction clues.

In commodities, Nymex crude rises to USD 50 per barrel lifted by fighting that threatened Libya’s oilfields. Brent crude inches towards USD 61 per barrel mark.

From precious metals space, gold prices remain largely unchanged at USD 1200 an ounce.

Back home, Prime Minister Narendra Modi extends an olive branch to the opposition over changes to the Land Acquisition Act. He admitted that BJP made a mistake by supporting the bill brought by the UPA government and also vowed to try and get the Nokia factory in Chennai up and running once again.

The bidding for spectrum airways will begin today and eight telecom companies including Bharti Airtel, Vodafone, Idea Cellular, Reliance Communications and Reliance Jio are expected to bid aggressively. The government is targeting revenue of around Rs 80,000 crore from the auction.

The government is ready to get round-two of the coal block auction process underway. Auction for 14 coal blocks in the schedule 3 will begin today and blocks that are about to come into production are part of second phase of coal auction. Today, three coal blocks will be up for auction.

Volvo is set to strike gold as it prepares to sell part of its stake in Eicher Motors. The 8.4 percent stake bought for Rs 157 crore in 2008 could now fetch a whopping Rs 3,500 crore.

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