Markets may open on a soft note following lacklustre cues from Asia as investors once again turn cautious after the recent rally. The Nifty futures on the Singapore Exchange were up 10 points, at 4,995.
Markets across Asia were trading flat as concerns about the Euro-zone officials actually being able to tackle the debt crisis resurfaced. Investors once again turned to the sidelines as details about efforts of the Euro-zone policy makers remained murky.
Japan’s Nikkei Stock Average advanced 0.2%, the South Korea's Kospi Composite was up 0.8%, the Hang Seng index sliped 0.8% and the Shanghai Composite index was trading flat, up 0.1%.
Overnight, Wall Street indices advanced, the Dow Jones Industrial Average, the Nasdaq and S&P 500 advanced over 1% each.
Back in India, the markets snapped four sessions of losses and bounced back 3% tracking rally in the global markets because most of the markets around the world were in oversold zone. Sharekhan in daily research note said, “Nifty is now expected to move towards 5,100 in the short term. The support for the short term stands at 4,900 followed by 4,827, while resistance will be faced at 4,950.”
Yesterday, the foreign institutional investors were net buyers of Rs 34 crore, while the domestic institutional were net buyers of Rs 690 crore.
Among individual stocks, ONGC will be in focus after the board has decided to issue a no-objection certificate for Vedanta Resources’ deal to buy a majority stake in Cairn India.Also Mahindra & Mahindra financial will be in focus after Mahindra Insurance Brokers entered reinsurance broking business according to new reports.
