India : Indian markets to follow global pessimism and weak domestic bias

It was yet again that Indian benchmark indices closed at all-time high levels. Markets recovered from early losses in the intraday session and managed to close higher.  Nifty and Sensex closed at 9525 and 30659 respectively. Metal sector that surged 2% plus supported the otherwise subdued markets to close marginally up.  Tata Steel that surged 8% post Q4 results pulled the benchmark indices. Bharti Infratel and India Bulls Housing Finance were the next best Nifty performers gaining 3% plus. However, broader markets closed flat to negative and hence, market bias remained negative with 1259 advances and 1544 declines on BSE.The European markets ended Wednesday’s session on a weaker note on uncertainty over US politics. Moreover, Auto sector stocks performed below expectations.  The U.K.’s FTSE 100 Index was marginally down with 0.25 per cent losses, the German DAX Index fell sharply with 1.35 per cent losses and the French CAC 40 also plunged 1.63 per cent.U.S Stocks tumbled badly from almost their record high levels amid US political turmoil. The Nasdaq tumbled 2.5% at 6011, S&P 500 fell 1.8% at 2357 and Dow Jones Industrial Average also closed  with 1.8% losses at 20607 levels.Asian markets have duly followed the weak European and US markets. The Asian major indices have opened on a negative note and are trading in red where Japan’s Nikkei 225 has tumbled 1.8% shedding 352 points.  Hong Kong’s Hang Seng and China’s Shanghai Composite are also moderately down with is 0.36% and 0.26% losses respectively.
At 8:11 am SGX Nifty Index trading down with losses of 54 points at 9,480, indicating negative start for Indian indices. We have major results of Bajaj Auto, Bajaj Holdings and Bank of Baroda quarterly results to be released today.