Markets are likely to open in the positive zone following firm global cues. Wall Street rallied for a second day on Thursday as Greece backed away from a proposed referendum that threatened its membership in the euro, which could have de-stabilised the global markets. The European Central Bank announced an interest rate cut as a step to confront weak growth in the region.
The Dow Jones industrial average was up 1.76% at 12,044. The Standard & Poor's 500 Index was up 1.88% at 1,261. In Asia this morning, the Hang Seng has surged 3% to 19,806. Nikkei, after remaining shut on Thursday, is up 1.2% at 8,750. Seoul Composite, Taiwan Weighted and Straits Times are up 1-2% each. The SGX Nifty is up 49 points at 5,359.
Markets on Thursday ended flat with the Sensex closing at 17,482 - brushing off high inflation data.
The stocks to watch out for today includes the oil refining and marketing companies after they hiked petrol prices by 1.8 a litre with effect from today.
Telecom stocks could be back in limelight today after the telecom regulator, TRAI, unveiled new M&A norms and new ground rules on spectrum. Jubilant Foodworks will also react to its September quarter results in trade today. The company posted a 28% rise in its Q2FY12 net to 24 crore. SAIL is expected to come under pressure on reporting 54% drop in its Q2FY12 net to 495 crore.
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