The Nifty ended a choppy session in the positive terrain on Monday led by gains in capital goods, technology and auto stocks. According to dealers, the decline in WPI inflation to two-year low at 7.47 per cent against 9.11 per cent a year ago helped the markets bounce back on hopes of some kind of monetary easing by the Reserve Bank of India at its policy meet this month.
Investors will keep a close eye on shares of Tata Consultancy Services and HCL Technologies which are set to declare their quarterly earning numbers later today. The software exporters are expected to report a bump in margins, aided by a weak rupee, while eking out revenue growth to meet expectations in an uncertain business environment.
Overnight, US Stocks were closed on Monday for the Martin Luthar King Jr. Day holiday.
European shares and the euro gradually recovered on Monday from early losses triggered by the mass downgrade of euro zone sovereign ratings last week by rating agency.
Rating agency Standard & Poor's also slashed its rating of the European Financial Stability Facility, the euro zone's rescue fund, by one notch to AA+ on Monday.
Asian shares inched higher and the euro stayed above a 17-month trough on Tuesday as much awaited economic data from China came at 9.2% and firm demand in France's treasury bill auction eased concerns the euro zone crisis.
The world's second largest economy grew by 9.2 percent last year as compared to consensus estimates of 9%, clocking a slower pace than in 2010, as efforts to tame inflation and turbulence in Europe and the United States curbed business activity.
Gross domestic product in China, rose by 8.9 percent in the fourth quarter, the National Bureau of Statistics (NBS) said, but still exceeding analyst expectations.
Japan's Nikkei 225 index was trading 0.8% higher at 8,450.56 and Hong Kong 's Hang Seng index was trading higher at 19,311.12, up 1.5%. South Korea's Kospi index was trading 1.6% higher at 1890.59. China 's Shanghai index was trading at 2204.47, down 0.08%.
At 08:00 AM, Nifty India stock futures in Singapore were down 1 point at 4,894.50, indicating a soft opening in the domestic market.
Important Results for today are:
HCL Technologies Ltd, Tata Consultancy Service Ltd, Chambal Fertilisers & Chemicals Ltd, VST Industries Ltd and Zee News Ltd.
Stocks in news:
Tata Motors Ltd after the global vehicle whole sales rose an annual 27 percent in December, the company said in a statement on Monday, driven by strong sales of its passenger cars and luxury Jaguar Land Rover vehicles.
GAIL Ltd after the state-run company is in talks to buy liquefied natural gas (LNG) from suppliers, including Macquarie Energy, which has a share in the U.S.-based Freeport LNG project.
Aviation stocks will be in focus on reports that a group of ministers will consider a proposal on Tuesday to allow foreign airlines to buy into domestic carriers. Recently, a group of secretaries had recommended allowing foreign carriers to buy up to 49% stake in Indian airlines. Source http://www.moneycontrol.com/news/commodities/gold-holds-gains-after-french-debt-auction-greecefocus_652149.html
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