The Indian markets are likely to see a gap up opening today on the back of positive global cues. Overnight, the US stocks surged after major central banks agreed to make cheaper dollar loans for struggling European banks to prevent the Euro-zone debt woes from turning into a full-blown credit crisis.
The Dow posted its best day since March 2009 after the Federal Reserve, the European Central Bank and other major central banks stepped in to head off escalating funding pressures that threaten the key arteries of the world's financial system.
The Dow Jones industrial average surged 4.24 per cent to end at 12,045.68. The Standard & Poor's 500 Index jumped 51.77 points, or 4.33 per cent, to 1,246.96.
In Asia, Japan's Nikkei 225 index rose 2.4 per cent and South Korea's Kospi gained 3.7 per cent. Back home, the Nifty is likely to face resistance around 4,870 – 4,890, while it will seek support around 4,795 – 4,770 levels, analysts say. At 715 am Indian Standard Time, the SGX Nifty was trading at 4991, up 148 points.
Among individual stocks, Ranbaxy will be in focus today after the US FDA approved its generic version of Lipitor, a cholesterol lowering drug.
Oil marketing companies could also be in limelight after they slashed petrol prices by 65-paise a litre.
Automobile and cement companies will also be in focus as they will report their monthly sales figures for November.
MphasiS is likely to see some selling pressure as the company reported a 25 per cent dip in its FY11 net at 822 crore.
Led by SAIL, a consortium of public and private sector companies has gained access to 1.28 billion tonnes of high grade iron ore in Afghanistan. This could bring the stock back in limelight today.
Top Section
Explore Business Standard