Indian Market May Open Positive On ECB Stimulus

Indian equities indices hitting a record high for the third consecutive day and gaining for the sixth straight session on sustained funds inflows amid pre-budget optimism among participants. The Sensex rallied by another 117 points to end above 29K level to 29,006.02 first time in the history of stock exchange, while the Nifty edged above 8,750 and firmed up by 31.90 points or 0.37% to end at 8,761.40.

Foreign investors bought equity shares worth Rs 2065.49 crore on Wednesday extending their buying streak to five consecutive sessions. FIIs have now bought equities worth Rs 6,500 crore or over USD 1 billion in just five days.

The U.S. stock market rallied for a fourth day as the world’s stock markets cheered a European Central Bank stimulus program worth more than one trillion euros. The S&P 500 index jumped 31 points, or 1.5%, to close at 2,063 on Thursday, erasing its losses for the New Year. The Dow Jones industrial average surged 259 points, also 1.5%, to 17,813. The Nasdaq gained 82 points, 1.8%, to 4,750.

Major markets in Europe ended the day with solid gains after the European Central Bank (ECB) announced a full-scale bond-buying program. Germany's DAX rose 1.3% and France's CAC-40 gained 1.5%. Britain's FTSE 100 picked up 1%.

Asian equity markets opened higher on the final trading day of the week, tracking a global rally after the ECB unleashed a 1 trillion euro stimulus package to resuscitate the deflation-hit euro zone. Nikkei rises 1% touched a near three-week high early Friday, helped by a slightly weaker yen, which was trading at 118.65, compared to Thursday's close of 118.4. Kospi up 1% South Korean shares opened near a four-week high, despite data showing the nation's economy expanding slightly less than expected in the three months to December.

China's manufacturing growth stalled for the second straight month in January. The HSBC/Markit PMI hovered at 49.8 in January, little changed from December's 49.6 and a whisker below the 50-point mark that separates growth from contraction on a monthly basis. The Shanghai Composite Index rose 0.5% to 3,360.85, paring this week’s loss to 0.6%. Hong Kong’s Hang Seng Index advanced 1.1%.

SGX Nifty is trading in positive and higher by 79 points. Today, Indian market is expected to open positive on ECB stimulus. Atul, Colgate-Palmolive (India), Liberty Shoes, Omaxe Auto, UltraTech Cement, and Wabco India would be reporting third quarter earnings today.