The stock market is expected to open marginally lower on Friday in line with global markets. At 7:45 am Indian Standard Time,the SGX Nifty was down 8 points at 5,630. For the near term, Nifty has a strong support at 5600 points, while a big session could take it to 5535. On the downside, the index can go up to 5665 today. The US markets ended weak on Thursday as investors preferred to stay defensive. The market expects politicians to fight over impending tax and spending changes, while retailer Wal-Mart tumbled after disappointing results. The Dow Jones industrial average declined 29 points, or 0.23 percent, to 12,542 at the close.
The Nasdaq dropped 10 points, or 0.35 percent, to 2,837. The S&P 500 lost 2 points, or 0.16 percent, to 1,353. Asian markets are trading mixed on Friday morning. Nikkei has rallied 1.9 percent to 8994, Indonesia is up 0.44 percent while Hong Kong is up 0.2 percent. Shanghai Composite is down 0.6 per cent and Singapore has lost 0.2 per cent. Among individual stocks: Jet Airways which gained 9.7 percent on Thursday on speculation that the airline’s promoters had initiated is stake sale talks is likely to attract traders. The finance minister has asked banks to lower deposit rates and pass the benefit to borrowers. M&M financial services has raised Rs 867 through a QIP.