Indian markets are likely to open flat with a negative bias tracking SGX Nifty.
U.S. markets posted record closing highs in spite of mixed economic data. Existing
home sales fell more than expected in December, due to existing inventory. In a
boost to the energy industry, President Trump signed executive orders to revive the
controversial Keystone XL and Dakota pipeline projects. Johnson & Johnson (JNJ)
reported a good fourth-quarter result, with adjusted earnings above estimates.
However, sales missed expectations. JNJ shares closed down 1.9 percent.
UK stocks closed flat on Tuesday as Eurozone PMI showed that Eurozone business
activity eased slightly in January. BT Group dropped 19.71 percent after the telecom
company cut its forecasts for the current and next year after finding that accounting
malpractice in its Italian subsidiary. Mining stocks turned in a positive performance
as a weakening US Dollar boosted precious metal prices. Anglo American jumped
7.48 percent and Antofagasta gained 8.14 percent. Fresnillo climbed 5.71 percent
and Rio Tinto increased 4.78 percent. BHP Billiton also rose 2.81 percent.
Indian markets went up on Tuesday ahead of the F&O expiry as well as the
upcoming Union Budget. Stable earnings from HDFC and HCL Tech also bolstered
investor sentiment. Metal stocks continued their rally for the session and the metal
index closed up 1.62 percent. The other major gainer was the auto index which
closed up 1.69 percent.