Markets are expected open on a subdued note shrugging off strong global cues due to political concerns. Yesterday WikiLeaks reported that the congress offered bribes to win the crucial vote on US-Indo nuclear deal. The Nifty futures on the Singapore Exchange were up 12 points, at 5491.
Elsewhere in the world, markets rallied after G-7 (Group of Seven) consensus with Japan to stem Yen's appreciation. Markets in the US also ended higher supported by rally in the blue chip stocks.
Japan's Nikkei 225 was up 1.8%, at 9,120 after Yen eased and lack of new reports from the Fukushima nuclear reactor improved investor sentiment. Hong Kong's Heng Seng advanced 0.4% following strong earnings from PetroChina which reported 37% jump in profit. Singapore’s Straits Times climbed 0.2%, Taiwan's Weighted index zoomed 1.1% and South Korea's Kospi Composite was up 1.3%.
Back in India, downside risks remain on back of global and political uncertainty. Jordon Kortick from Barclays Capital in an interview with CNBC said, "Nifty is vulnerable to the downside and the best case scenario is range bound trade and a holding pattern for Nifty." Kortick is bullish on the Indian markets in the long term.
Commodity related oil & gas shares will be in focus on back of rally in global commodity stocks.