)
After posting their biggest single-day rise in almost 18 months on rate cut optimism, the markets could see some consolidation in trade today.
Technical analysts say that the short-term bias is likely to be bullish as long as the Nifty sustains above 6,100. On the upside, the index can rally to 6,200, while on the downside; it is likely to get strong support around 6,040-6,060.
Overnight, US stocks rose on Wednesday, with the Dow and S&P 500 hitting new all-time highs in a broad market rally as the recent upward momentum persisted. The Dow Jones industrial average rose 0.4 per cent and the Standard & Poor’s 500 Index moved up 0.5 per cent.
Asian shares got off to a positive start on Thursday. Tokyo’s Nikkei touched a fresh five-and-a-half year high, before reversing direction to be down slightly on the day, while MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.2 per cent.
Australian shares edged up 0.1 per cent and South Korean shares were 0.7 per cent higher.
At 705 am Indian Standard Time, the SGX Nifty was trading at 6,147 – down 0.3 per cent.
Among individual stocks, Tata Motors could see some action as the company reported 7.02 per cent fall in its global sales for last month at 81,241 units.
Karnataka Bank, Edelweiss Financial Services, Adani Ports and SEZ, Jammu & Kashmir Bank are some of the counters that will react to their March quarter numbers.
IRB Infrastructure has received a board approval to raise as much as Rs 500 crore through private placement.
Also keep a tab on Bajaj Auto that will announce its March quarter numbers today.
