Markets are expected to edge higher in opening trades on back of firm global cues and positive US Jobs data. The Nifty futures on the Singapore Exchange were up 15 points, at 5880.
Markets in Asia moved higher after US Labour Department reported on Frida that unemployment fell 8.8%, lowest level since March 2009 lifting the Wall Street higher. The Dow Jones industrial average scaled to 2011 high and retreated to 12,377, up 0.5%. The Standard & Poor's 500 index surged 0.5% and The Nasdaq composite advanced 0.3%.
Japan's Nikkei Stock Average was up 0.7%, at 9,778 led by gains in exporter shares on back of weakening Yen. Hong Kong's Heng Seng index added 1.2% buttressed by gains in financials and property developers. China's Shanghai Composite was also 1.3%. However, South Korea's Kospi Composite bucked trend and was down 0.3%.
Markets may consolidate or succumb to profit booking after recording the sharpest rally in 21 months. Edelsweiss in the morning note said, "the breakout above 5600 has resulted in an unrelenting and strong up move that has managed to clear all near-term resistances with ease. However one should be cautious of imminent selling around 5900-5940 which could drag Nifty down to 5700. On a break and close above the resistance, the index has the legs to stretch the gains up to 6100 (78.6% retracement of the November-February decline)."
