The domestic markets could not hold their opening gains on Monday lacking any global cues. The indices that went into red just after a positive start, struggled throughout the session to enter the positive terrain. There was no support from any corner and barring healthcare, IT and metal no other sector looked in confident position. The stock specific movements were keeping the markets alive when the worse-than-expected data for inflation again pulled the markets down. The headline inflation measured by the wholesale price index touched 8.56% in the month of January. On a month-on-month basis, WPI registered a growth of 0.8% to 248.5. Market heavyweights remained on sidelines with major blow coming from Bharti Airtel, that plunged by more than 9 percent after it announced that Kuwait-based Mobile Telecommunications Company, KSC has accepted its proposal to buy their Africa operations, excluding Morocco and Sudan, in a $10.7 billion all-cash deal. The investors were skeptical, whether the deal will be profitable in near term or not. The fall in Bharti did not spared other telecom stocks and they too suffered considerable declines. The two new listing on the block went contrast to each other while on one hand Syncom Pharma closed with gains of more than 16 percent other debutant Vascon Engineers lost more than 11 percent. Finally the benchmark indices hardly managed to close above their psychological level, the BSE Sensex closed at 16,038.35, down by 114.24 points or 0.71% while the S&P CNX Nifty lost 24.90 points or 0.52% to 4801.95.

The US markets were closed on Monday on the occasion of Presidents Day holiday.

Crude prices slipped a bit on Monday lacking any cue as the US Markets were closed for a Public holiday, while much of Asian markets too were closed due to Lunar New Year holidays that kept trade thin and concentrated. Now investors are eyeing finance ministers meet of euro zone to get further direction. Benchmark crude for March delivery last traded 13 cents lower at $74 a barrel in electronic trading at the New York Mercantile Exchange, floor activity was closed due to the President's Day holiday in the United States. London ICE Brent for April delivery settled down 39 cents at $72.51.

The Indian rupee moved higher on Monday, the domestic currency made a weak start lacking any solid cue from the regional equity markets as most of them were closed for Lunar New Year holidays. The local equity markets too were unable to give any direction to the rupee as after a good start they plunged into red. Rupee gathered strength due to lack of outflows US markets were shut  also some gain came due to accumulation of dollar inflows on account of Friday's local holiday. Finally the rupee closed at 46.32/33, 17 paise higher compared to its Friday's close of 46.49/50.

The FII on Monday were the net buyers in the equity segment with gross buying of Rs 1808.90 crore against gross sell of Rs 1458.00 crore, while in the debt segment they were the net sellers with a gross purchase of Rs 2.30 crore against gross sales of Rs 269.30 crore.

The US markets were closed on Monday along with most of the Asian markets and hence are unable to give any cue to the domestic markets. The local markets closed lower in previous session lacking any global cues, the trade remained choppy throughout the day and volume kept low. The markets today are likely to make a marginally positive start as some of the Asian markets that are trading today, have made a green start.The Government has decided to allow the institutional investors to revise their bids up and down in FPO of public sector undertakings,that might give some momentum in PSU stocks.

Support and Resistance: S&P CNX Nifty and BSE Sensex

                                                          Nifty Top volumes

• Bharti Airtel has agreed to enter exclusive discussions with Kuwait-based Telecommunications Company KSC until March 25 over the deal for Zain Africa BV.
• It has been reported that Reliance Industries is in the race to buy a majority stake in a Canadian company Value Creation.
• Tata Motors group global sales, comprising Tata, Tata Daewoo and Hispano Carrocera range of commercial vehicles, grew by 93 per cent to 85,714 in January this year.
• 120-MW first unit of the 240-MW peaking power plant project at Siddhirganj in Bangladesh, constructed by BHEL has been installed.
• The 20% divestment plan of state-run steel giant Steel Authority of India or SAIL will be placed before the Cabinet on February 18 for its approval.