Despite the positive cues from the global peers, the gains in the Indian markets could remain capped due to the rising rupee, which closed at 55.03 against the US dollar on Monday.
Global stocks rebounded on Monday, partly on expectations China will undertake further stimulus as it makes maintaining expansion a priority. The Dow Jones industrial average gained 1.1% to close at 12,504. The Standard & Poor's 500 Index moved up 1.6% to 1,316.
In Asian markets on Tuesday, Japan's benchmark Nikkei average and the broader Topix gained a% each.
Back home, the Nifty may face resistance around 4,950 – 4,980, while the support is around 4,865, technical analysts suggest. At 810 am Indian Standard Time, the SGX Nifty was trading at 4,940 levels – up 58 points.
Among individual stocks, Thomas Cook India will be in focus on reports that Canada-based Fairfax Financial Holdings will buy Thomas Cook Group Plc's 77% stake in its India operations for about $150 million.
Biocon could come under pressure today on reports that Portuguese investment bank Espirito Santo has raised concerns over the accounting processes of the company.
Pfizer has registered net profit of Rs 48.10 crore in the quarter ended March 2012 as against Rs 63.14 crore in the previous corresponding period.
Zee Entertainment Enterprises has reported 18.6% decline in its consolidated net profit for the quarter ended March 2012.
Also keep a tab on Wockhardt and Tata Power as they will declare their March quarter results today.
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