Commodity Red Alert!

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Global cues indicate cautious opening: Tuesday Market Preview

The US market ended with gains on Monday sending the Dow and the S&P 500 near their two-and-half year closing highs

Global cues indicate a cautious opening for the domestic market today. The US market ended with gains on Monday sending the Dow and the S&P 500 near their two-and-half year closing highs. The Asian pack was mostly higher in early trade on Tuesday on optimism from the US markets. The SGX Nifty was down 14.50 points at 5,390.50 compared to its previous close of 5,405.

Yesterday the market opened with decent gains as investors went bargain-hunting, picking up stocks at lower levels after the decline seen last week. The uptick was also supported by the Asian peers, which were mostly higher in early trade, most of which opened after the Lunar New Year holiday last week. Choppiness resulted in the indices touching their previous close a couple of times, but positive momentum continued with the market trading range-bound. However, the broader markets wilted under selling pressure, trading in the red. The market touched an intraday high in post-noon trade after which selling pressure became intense, pushing the key benchmarks into negative terrain. However, the indices were able to pull themselves out of the red, only to finish flat.

Although the market ended positive, it closed well below the day's opening. The Sensex ended 29 points up at 18,037 while the Nifty ended 0.25 points up at 5,396. The advance-decline on the National Stock Exchange was a poor 587:1,141. The market is not out of the woods yet. The Nifty has to cross 5,550 before we can look forward to some sort of rally.

Wall Street closed in the green, supported by deal news. The gains were also supported by president Obama’s comments that he would seek corporates’ help to tackle corporate taxes. He, however, did not specify any plan.

In merger and acquisition news, Danaher Corporation announced plans to buy laboratory-equipment maker Beckman Coulter Inc for $6.8 billion, Ensco Plc said it will buy drilling contractor Pride International Inc for $7.3 billion and Berkshire Hathaway Inc received a nod from its board to buy the 19.9% of the stock it doesn’t own in Wesco Financial Corporation.

In economic news, US outstanding consumer instalment credit climbed $6.1 billion, nearly triple the $2.3 billion that economists predicted, after an upwardly revised $2 billion increase in November. Total credit outstanding climbed $6.1 billion, nearly triple the $2.3 billion that Wall Street economists surveyed by Reuters had forecast, after an upwardly revised $2 billion increase in November. The rise came on the back of higher credit card usage, the best in two years.

The Dow gained 69.40 points (0.57%) at 12,161.55. The S&P 500 added 8.18 points (0.62%) at 1,319.05 and the Nasdaq rose 14.69 points (0.53%) at 2,783.99.

Markets in Asia were mostly higher in early trade today on improved earnings and news of merger deals in the US. Lower crude prices on easing of tensions in Egypt also supported investor sentiment. However, possible policy tightening steps kept gains in check.

The Hang Seng was up 0.03%, the Jakarta Composite gained 0.23%, the KLSE Composite rose 0.47%, the Nikkei 225 advanced 0.32% and the Taiwan Weighted added 0.10%. On the other hand, the Straits Times shed 0.17% and the Seoul Composite lost 0.24%.

Back home, the Telecom Regulatory Authority of India (TRAI) on Monday floated a tender to appoint an agency for calculating liability of transit carriage charges on individual operators, including Bharat Sanchar Nigam (BSNL).

The Supreme Court, on 30 August 2010, had asked TRAI to fix liability on individual telecom service providers. The telecom regulator had challenged telecom tribunal ruling which upheld state-owned BSNL’s view that transit carriage charges (TCC) should be calculated on call distance and not on per minute basis.

TCC is part of the network Interconnect Usage Charge (IUC). An operator, from where the call originates, has to pay IUC to another service provider on whose network calls end.
 

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