Markets are likely to take cues from global peers and open higher this morning. The SGX Nifty is pointing to a positive opening and is up 1% at 5,120.
The holiday-truncated week is likely to see some action as traders roll-over positions on Thursday. Markets will also look at the RBI monetary policy for direction.
In Asia, markets have rallied on hopes of a solution to the European debt crisis. Over the weekend, leaders seemed to have neared an agreement on bank recapitalisation and leveraging their regional rescue fund. Wednesday's summit will show how the solution pans out. The Hang Seng has surged 2.7% this morning to 18,523. Nikkei, Seoul Composite and Taiwan Weighted have rallied 1-2% each.
US markets had ended 1.5% up last week while Indian bourses underperformed. On Friday, the Sensex traded above the dotted line but erased gains in the second half after Larsen & toubro came out with their numbers. The index ended down 151 points at 16,785.
Tyre stocks would be on the buzzer today. According to reports, the Finance Ministry has imposed anti-dumping duty on certain imported rubber chemicals from China. This may hit the tyre companies in trades today.
Among other stocks, Axis Bank on Saturday reported 25 y-o-y per cent growth in net profit to 920 crore for the quarter ended September 30. ONGC might be in focus today on reports that the company will get a windfall of over 1,300 crore from the domestically produced natural gas with the rupee touching a 30-month low against the dollar.
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