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The markets are likely to remain range-bound with a positive bias tracking mixed global cues. According to Alex Mathews, head research, Geojit BNP Paribas Financial Services, Nifty has immediate target at 6026 and 6121. Going forward, more buying can be expected in information technology and pharma sector stocks, he said.
Asian shares inched higher on Tuesday after the Standard & Poor's 500 Index closed at a record high overnight on renewed hopes for a steady US recovery, but weak global growth data kept investors wary of pushing prices sharply higher.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent and Japan's Nikkei stock average opened 1.9 per cent higher, resuming trade after a four-day long weekend.
At 705 am Indian Standard Time, the SGX Nifty was trading 0.1 per cent higher at 5,986 levels.
Back home, among individual stocks, AstraZeneca Pharma could react to the news of its promoter providing a financial grant of over Rs 140 crore over the next three years.
Aurobindo Pharma has received final approval from the USFDA to manufacture and market Tamsulosin Hydrochloride capsules and Clindamycin Palmitate Hydrochloride for oral solution.
Emami Ltd today posted 29.87 per cent rise in its consolidated net profit at Rs 93.99 crore for the fourth quarter ended March 2013. The stock could react to the development.
Also keep a tab on GSK Pharma, Glenmark Pharma, Sintex Industries and Allahabad Bank as they will announce their respective March quarter numbers.
