Sensex, Nifty to open on a positive note

The choppiness associated with F&O expiry could come into play. Crude prices are swinging and data from China continues to be worrisome. The outcome of US Federal Reserve's rate-setting meeting is also expected this week. Global cues are positive and a number of results are expected including HDFC, Colgate-Palmolive IDFC Bank, Bharti Infratel, Godrej Consumer, Power Grid and Just Dial.

Things look better after a break for the Indian market. This month has seen one of the highest foreign fund outflow for January since 2008. While world markets were tumbling, Indian markets were shut on account of Republic Day and saved some damage. The Indian economy is less vulnerable to external shocks as it is mainly driven by household consumption and government spending, says S&P.

The outlook is a positive start. The choppiness associated with F&O expiry could come into play. Crude prices are swinging and data from China continues to be worrisome. The outcome of US Federal Reserve's rate-setting meeting is also expected this week. Global cues are positive and a number of results are expected including HDFC, Colgate-Palmolive IDFC Bank, Bharti Infratel, Godrej Consumer, Power Grid and Just Dial.

Asian markets are mostly upbeat with Nikkei trading over 2% higher. China's CSI300 is down over a percent while Hong Kong's Hang Seng has gained 1%. South Korea's Kospi and Taiwan's TWSE are in the green.  US stock indices rallied on Tuesday, driven by energy stocks following a recovery in oil prices. Earnings from Sprint Corp., Procter & Gamble Co. and 3M Co. also perked up the sentiment on Wall Street. The Dow surged 1.8% and the S&P 500 was up 1.4.

Finance Minister Arun Jaitley reportedly said the government is looking into the recommendations of Parthasarathi Shome committee for simplifying tax administration.

India’s Chennai based auto maker HMFCL-Mitsubishi, is recalling approximately 2400 Cedia vehicles produced between 2006 to 2008 so as to refit the passenger side airbag.

Addressing a gathering of business leaders of France and India, along with French President Francois Hollande, Prime Minister Narendra Modi said that retrospective tax is thing of the past, and assured them that the government is working on the modalities to ensure that such steps are not taken in future.