Markets are likely to make a firm opening tracking strong global cues. Asian shares rose and the euro steadied on Friday after the European Central Bank outlined its bond-buying scheme to help calm the euro zone’s debt crisis, while firm U.S. data fed speculation of a strong jobs report later in the day.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5 percent. Japan’s Nikkei stock average opened up 1.6 percent. At 700 Indian Standard Times, the SGX Nifty was up 50 points at 5,320.
On the global front, U.S. stocks closed at multi-year highs on Thursday, with the S&P 500 ending at its highest level since before the collapse of Lehman Brothers as investors hailed a new European bond-buying program aimed at stemming the region’s debt crisis. Dow Jones and Nasdaq gained by 2percent each.
Back home, technical analysts suggest that the Nifty has near support around 5,215, below which it can slide to 5,160. The index is likely to seek support around 5,220-5,210, while face resistance around 5,255-5,265.
Among individual stocks, IOC’s fundamental credit quality has been weakening due to lower refining margins and rising under recoveries, Moody’s Investors Service has said. This may bring the stock under focus.
Hero MotoCorp has signed an agreement with a European design and technology partner, Managing Director Pawan Munjal said. This will be its third partner since the split from Japan’s Honda Motor Co. Shares of Hero MotoCorp will be in the limelight today.
Also from the auto stable, Tata Motors may be in focus. Tata-owned Jaguar Land Rover has invested 370 million pound in upgrading its UK manufacturing facilities and in setting up of Land Rover assembly at Pune in India.
Shares of Kingfisher Airline may react to the news that the airline’s ATR operation from Delhi was crippled following a section of its engineers going on strike since Wednesday night demanding payment of salary.
After spending a massive Rs 37,500 crore in expanding capacities across its units in India, Essar Steel is now looking at options to bring down its borrowings. This news may bring the news in limelight.
IOB, after having successfully raised a $1-billion Medium Term Note (MTN), has planned to raise another $1 bn (Rs 5,900 crore) to boost its credit abroad. This may bring back the stock in focus.
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