Markets are expected to recoup yesterday's losses in the morning session on back of strength in global markets as investors started buying at lower levels. The Nifty futures on the Singapore Exchange were up 29 points, at 5492.
Japan's Nikkei 225 surged as buyers crept in after the index fell as much 16% the previous day. Bank of Japan announced that they will inject $3.5 trillion into the system also lifted market sentiment. The index was up 4.4%, 8,981. While the markets have risen, radiation threat continues to weigh on Japan, the latest reports suggest new break out at Tokyo Electric Power's No. 4 reactor at Daiichi plant in Fukushima.
Hong Kong's Hang Seng was trading flat after rising 0.5% supported by gains in coal shares and expectations of strong earnings from PetroChina. China's Shanghai Composite was up 0.5%, Singapore's Strait Times advanced 0.2%, Seoul Composite climbed 1.2% and Taiwan Weighted was up 0.6%.
Back in India, technical charts indicate that volatility may continue and Nifty may move in a range, ruling out a break out. Edelweiss in the morning note said, "the intraday volatility for the past few sessions suggests that Nifty is clearly in restricted to a trading range of 5300-5600 and is not likely to break past in the near future."
