Markets are expected to edge marginally higher on back of modest gains seen across Asian markets lifted by commodity shares. The Nifty futures on the Singapore Exchange were up 12 points, at 5512
Japan's Nikkei Stock Average was flat at 9,341, technology and auto shares weighed on concerns of parts shortage and production halt in the aftermath of Tsunami which hit Japan on March 11.
Hong Kong's Heng Seng was up 0.7%, at 22,991 supported by rally in metal and energy producers following spike in global commodity prices. Shanghai Composite was up 0.1%, at 2,952 buoyed by positive economic data. Manufacturing activity surged to two month high as the manufacturing purchasing managers' index rose to 52.5 from a 51.7 in January.
Back in India, technical charts indicate a break out on the upside after Nifty closed above 5,480 on Wednesday. Edelweiss in the morning note said, "the immediate near-term outlook has turned positive after yesterday’s move as the index is expected to rally up to the 50-DEMA (Daily Exponential Moving Average) to 5540 which has proved to be a real test. A daily close above 5540 will result in Nifty stretching its legs up to the 200-DMA (Day Moving Average) at 5690.
Also metal and energy stocks will be closely watched following rally on the global bourses.