The Indian markets are likely to open on a flat note tracking cues from Asia and the US. A broad asset rally inspired by the U-S Federal Reserve's pledge to keep rates low paused on Friday, as investors sought to gauge how sustainable the burst of optimism will be while waiting for the outcome of crucial Greek debt talks.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.1 per cent and hit its highest in nearly three months earlier, and was set for a weekly gain of around two per cent. U-S stocks fell on Thursday as traders cashed in on recent gains and disappointing new home sales data weighed.
Back home, technical analysts suggest that the Nifty is likely to face stiff resistance around 5,175 -5,185 levels, while it will seek support around 5,140 – 5,130 levels. At 710 a-m Indian Standard Time, the SGX Nifty was trading at 5,212 levels; down 30 points.
Among individual stocks, Dr Reddy’s Laboratories could be in focus today on reports that the company has run into trouble with the U-S health authorities for not highlighting important information on injectable generic, fondaprinux sodium.
Syndicate Bank could also be in limelight on reporting a 32 per cent rise in the December quarter net.
NTPC’s power project in Karnataka has got the environmental clearance from the MoEF. The company will also announce its December quarter results today.
Sesa Goa has reported a 35 per cent dip in Q3FY12 net profit at 691 crore. This could bring the stock under pressure in trade today.
Also keep a tab on BHEL, Petronet LNG, Blue Star and Canara Bank that announce their respective December quarter results.
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