The Indian markets could open on a cautious note ahead of the third quarter results of India Inc that begin later this week. Industrial production numbers may also have some impact on the trading sentiment this week. However, marketmen are not bullish on the earnings reports card of corporate India and feel the results are largely set to disappoint.
India's benchmark share indices ended nearly 3 per cent up in the week to January 7, the first week of calendar year 2012, led by banks and capital goods shares. The Sensex gained 394 points or 2.6 per cent to end at 15,849 in the week under review and the S&P CNX Nifty was up 123 points or 2.7 per cent to end at 4,747.
Analysts suggest that the next area of resistance for the Nifty is around at 4,875 – 4,950 and supports are at 4,700 – 4,660.
At 740 am Indian Standard Time, the SGX Nifty was trading at 4,742 levels, down 41 points.
Among individual stocks, NTPC could be in focus today on reports of the company’s plans to foray into power distribution space.
Coal India could be under pressure on reports that the company has been asked not to implement the new pricing regime in West Bengal till January 16.
Strides Arcolab is reported to be considering sale of its Australian branded generics unit Ascent Pharmahealth as part of a value unlocking move. This could being the stock back in limelight today.
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