Markets may start on a positive note
Indian shares are likely to make a positive start as cues from Asian peers are optimistic. The SGX Nifty indicates that the Nifty could open higher by 69 points around 10,397 at the opening bell.
Majority of Asian markets are trading higher on Wednesday. The Japanese stock market regained strength after a soft start and is trading higher by 139 points, with a weaker yen lifting exporters' shares. The Hang Seng index has surged 268 points, while Shanghai Composite remained closed.
Back home, equity benchmarks ended lower for the third straight day after a volatile trading session. The Sensex settled at 33,704, down by 0.21%, and Nifty closed down by 0.17% at 10,360. Among sectors, Nifty Metal, Nifty PSU Bank and Nifty Media were top gainers with gains of 1.10%, 0.83% and 0.68%, respectively. On the other hand, Nifty Private Banks shed 0.91%. The broader markets ended mixed as Nifty Mid-cap dipped 0.02% and Nifty Small-cap added 0.15%.
The US equity markets showed lack of direction over the course trading session on Tuesday before ending in the negative terrain. The Dow and the S&P 500 snapped a six-day winning streak, with the Dow falling back below the 25,000-mark. One of the biggest drags on the day was Walmart, which slumped 10% after reporting weak online sales and disappointing earnings. The Dow Jones Industrial Average tumbled 255 points to close at 24,965, Nasdaq Composite Index dipped 5 points to end at 7,234 and the S&P 500 index slipped 16 points to settle at 2,716. Going ahead, later on Wednesday, markets participants will turn their attention to minutes of the US Federal Reserve’s policy meeting held in late January.
The majority of European markets ended with gains on Tuesday. The markets faced hiccups following the release of some disappointing earnings reports from companies like HSBC and BHP Billiton. Germany’s DAX rose 0.08% and the CAC 40 of France gained 0.64%.