Live: Sensex in red after yesterday's dream run, rupee falls below 61

9.15 am: The stock markets held on to its gains and opened marginally lower as hopes of a stable BJP government in 2014 continued to float.

The BSE Sensex opened at 21319, down 0.07 percent and the Nifty opened at 6356, down 0.09 percent.

Deutsche equities cautioned that it is dangerous to extrapolate assembly elections to the national level and that QE tapering in December remembers a major concern for Indian markets.

9.00 am: The Indian stock markets are likely to see a minor downtrend today as profit taking set in after the yesterday’s dream run.

The SGX Nifty futures on the Singapore Stock Exchange were up 0.4 percent at 6417, indicating the continuing bullishness over hopes of a stable BJP government in 2014.

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In the pre-open trades, Nifty and Sensex were marginally down about. The rupee meanwhile opened above 61 level at 60.98 against the dollar.

[caption id=“attachment_982569” align=“alignleft” width=“380”]  The SGX Nifty futures on the Singapore Stock Exchange were up 0.4 percent at 6417, indicating the continuing bullishness over hopes of a stable BJP government in 2014.[/caption]

Global cues are likely to add to the domestic bullishness. Stocks mostly edged up in Asian trade today, while tighter money market conditions in the euro zone helped the euro climb to a five-year peak against the yen and a six-week high against the dollar.

MSCI’s broadest index of Asia-Pacific shares outside Japan was slightly higher, though trading was cautious ahead of next week’s US Federal Reserve meeting.

US crude oil prices edged up to $97.44 per barrel on expectations of a second weekly drop in US crude inventories. Spot gold slipped slightly to $1,239.04 an ounce, after gaining over the last two sessions on short-covering, technical-selling and some fund-buying.

Apart from all these is the general feel good that is emerging on the economy front. The current account deficit, the key concern June-August market rout, is better. The GDP growth for July-September quarter has also come in better.