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Markets are likely to rebound in trades with marginal gains today following firm Asian cues. The early indicator, SGX Nifty is trading at 8,769 higher by 15 points.
Investors would keenly await data on industrial production for January and consumer price index for February scheduled to be announced today besides keeping a tab on development regarding coal and mines related Bills and insurance amendment bills sent by the government to the Rajya Sabha
Technical analysts say that the Nifty has managed to hold the crucial support of 8,680 levels and has formed a reversal pattern on intraday charts; one can expect a short bounce as most of the technical indicators remain in the oversold territory. "It has an immediate support at 8,730 and on a decisive close above expect rise to 8,780& 8,830 levels," points out a morning note from Nirmal Bang
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Further, India's economy is recovering and its ability to withstand external shocks has improved, but growth is likely to fall short of government targets, the International Monetary Fund said on Wednesday.
In an annual report, the IMF forecast that Asia's third-largest economy would grow by 7.5% in the 2015/16 fiscal year that starts on April 1, up from 7.2 percent in the year now ending.
GLOBAL MARKETS
US stocks ended lower for a second straight session on Wednesday as worries grew about the timing of a Federal Reserve interest rate hike and dollar strength further dampened the outlook for US earnings.
The move followed the S&P 500's biggest one-day decline in two months in the previous session, which surpassed a selloff of similar magnitude on Friday.
The S&P 500 is now off 3.6% from its March 2 record closing high and is down 0.9% for the year so far. Friday's stronger-than-expected jobs report, which solidified views the Fed could raise rates as early as June, was largely behind the recent jitters.
The prospects of higher US interest rates buoyed the dollar but also kept share prices in many countries in check on Thursday, with Asian stocks hovering around seven-week lows.
The dollar's index against a basket of six major U.S. trader partners hit a 12-year high of 99.985 on Wednesday and last stood at 99.689.
Japan's Nikkei rose 0.4%, bolstered by hopes of buying from public investors such as the government's pension fund.
STOCKS TO WATCH
State-run telecom major MTNL, which has been added in the list of sick PSUs, has submitted a revival plan to the department of telecommunications (DoT) for its consideration.
Cairn Energy Plc has instructed its counsel to file a notice of dispute against the Indian income tax department over a tax claim of $1.6 billion (Rs 10,247 crore) for financial year 2006-07.
Queensland’s new state government on Wednesday cleared plans by two Indian companies to expand a port for coal projects that are opposed by green groups worried about pollution and damage to the Great Barrier Reef. The approval, supporting separate mining projects planned by Indian conglomerates Adani Enterprises and GVK, came as a surprise.
