The markets are likely to consolidate and trade in a narrow range today on the back of mixed global cues. According to technical analysts, the Nifty is likely to seek support around 5,585-5,575, while face resistance around 5,615-5,625.
On the global front, U.S. and European shares rose modestly on Wednesday after two days of declines, helped by U.S. housing data, while the yen recovered from a brief decline on the Bank of Japan's decision to ease monetary policy further.
Asian shares fell on Thursday as investors awaited manufacturing data from China later in the session for clues about whether Beijing would be prompted to take more stimulus action in the world's second-biggest economy.
MSCI's broadest index of Asia-Pacific shares outside Japan inched down 0.1 percent. The Nikkei stock average opened down 0.6 percent after jumping to a 4-1/2 month high on Wednesday.
STOCKS TO WATCH
HCL Technologies could be in the limelight today as it has entered into a five-year deal with US-based chip-maker Freescale Semiconductor. HCL will manage and transform infrastructure operations covering desktop support, compute, storage, database, telecom, process automation and compliance, HCL Tech said in a statement.
Surat-based Siddhi Vinayak Logistics has placed an order for 1,314 trucks with Tata Motors. This could see Tata Motors come back into the limelight today.
Tata Steel will be in focus today on reports that it has received a letter of intent (LoI) from Eiffage Rail for the supply of high-quality rail for a new 182-km high-speed line in France.
HPCL is planning to raise about $ 200 million (Rs 1,080 crore) abroad to fund its capital expenditure.
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