Frontline Indian equity indices ended near day’s high on Thursday, reversing the previous day’s losses completely. Today’s recovery was led by sustained buying  in sectors such as Realty, Capital Goods, Banking, Metals, PSU and Auto.
 
Markets showed resilience despite weak overseas cues. Sentiment improved after Standard & Poor's warnings on India's debt ratings and SIAM's downbeat outlook for the car sales growth rattled investors in the previous session. What is heartening for the Indian markets is that FII inflows continue unabated amid hope that UPA II will go ahead with more economic reforms.

IT major Infosys was in the limelight today ahead of its quarterly earnings to be announced tomorrow. The stock gained 1% to close at Rs2530.

HDFC also gained 1% to close at Rs748. The housing finance major is also slated to announce its results tomorrow.

Market sentiment would also partly hinge on IIP data, which is also scheduled to be announced tomorrow. Consumer level inflation is also due on Friday while the benchmark WPI inflation report is due on Monday. The RBI meets next on Oct. 30 to review its monetary stance.

Finally, the BSE Sensex closed at 18,804, up 173 points over the previous close. It had earlier touched a day's high of 18,847 and a day's low of 18,581. It opened at 18,627.

The NSE Nifty ended at 5,708, up 56 points over the previous close. It earlier touched a day’s high of 5,721 and a day’s low of 5,636. It opened at 5,663.
 
JP Associates, DLF, Bank Baroda, PNB, Axis Bank, Tata Motors, Reliance Infra, SBI and BHEL were among the major gainers in BSE Sensex and Nifty.
 
While, Lupin, Cipla, Maruti, Ultratech Cem, Ambuja Cem, Wipro and Power Grid were among the major losers in Sensex and Nifty,
 
The INDIA VIX on NSE slipped 2% to end at 16.49. It hit a day’s high of 17.24 and a day’s low of 16.12.

Sugar stocks rose after reports suggested that the Rangarajan Committee, set up by the prime minister's office (PMO), is going to submit sugar decontrol report to the Prime Minister tomorrow.
 
DLF shares jumped on bargain hunting after the stock had slumped 11.89% in the preceding three sessions.
 
Fertiliser shares rose after the Cabinet Committee on Economic Affairs approved modified direct cash subsidy for urea.
 
United Spirits fell after reports indicated that market regulator SEBI has slapped the Vijay Mallya company with a set of queries after it recently announced it was in talks to sell a stake to Diageo.
 
Suzlon Energy shares slipped after the company said its bondholders rejected a proposal to extend the maturity of its overseas convertible bonds by four months.
 
Globally, Asian indices closed mostly lower amid persistent concerns about slowing growth across the globe even as investors brace themselves for the latest batch of corporate earnings.  
 
The euro weakened after Standard & Poor’s cut Spain’s debt rating by two notches. S&P cut Spain’s debt rating to one level above junk as the government considers a second bailout.
 
Standard & Poor's downgraded Spain's long-term credit rating to one notch above junk, to BBB- from BBB+, because of mounting risks to the country's public finances.
 
Australia’s dollar rose on better-than-expected jobs data. A report showed today that domestic employers hired almost three times the number of workers economists forecast last month.
 
Central banks in Brazil and South Korea cut interest rates, according to announcements yesterday and today.
 
European equity benchmarks opened with a slightly negative bias led by Spanish stocks but managed to pull back afterwards.
 
While the indices in Germany, UK and France rose marginally, the ones in Spain and Italy lost some ground.
 
US stock market futures pointed to a higher opening on Wall Street, as investors braced for weekly jobless claims and trade deficit data apart from a few earnings.

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