The markets are likely to open on a positive note though they may turn volatile ahead of the State election results due tomorrow. For the week ended March 03 that saw a special trading on Saturday, the Sensex lost 1.6 per cent, while the Nifty shed 1.3 per cent.
Election results in five states, including Uttar Pradesh and Punjab, are due to be announced this week. “A good showing in the state
elections would be a boost for the ruling Congress party and could help revive stalled policy reforms,” analysts say.
Asian shares eased on Monday with the MSCI Asia Pacific ex-Japan slipping 0.3 per cent and Japan's Nikkei stock average opened down 0.2 per cent.
Back home, the Nifty is likely to seek support around 5,330 – 5,310, while it may face resistance around 5,390 – 5,405,
technical analysts suggest. At 710 am Indian Standard Time, the SGX Nifty was trading at 5,398 levels, up 7 points.
Among individual stocks, Power Grid Corporation is likely to get over 1,980 crore rupee funding from the International Finance Corp for undertaking electricity transmission projects in the country.
HCC is headed for corporate debt restructuring (CDR). It had a meeting with lenders on Friday to discuss its restructuring options.
Private equity arm LVMH, is negotiating to invest about 750 crore rupees in Raymond Apparel, reports suggest.
