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| Pre-Market: Nifty set to test 200-DMA |
| Jinsy Mathew / Mumbai Jul 01, 2011, 08:27 IST |
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The markets may see a strong start on back of positive cues from the global indices. The SGX Nifty is up 49 points, at 5,702. After crossing 5,640 level yesterday, the Nifty may scale up to 5,700 in the opening trades. However, a stiff resistance is seen at 5,740, which is also the 200 Daily Moving Average.
Overnight in the US markets, the stocks rose pushing the Dow Jones Industrial Average to a fourth consecutive quarterly rise. The index gained 1.3% in a span of four days. The S&P 500 Index rose 1%, to 1,320, leaving it down 1.8% for the month and off 0.4% for the just-ended quarter. The Nasdaq Composite Index climbed 1.2%, to 2,773.52, down 0.3% for the quarter and off 2.2% since June began.
The Asian markets also started in the green with the Seoul Composite and Jakarta Composite leading the gains, up 1% followed by Taiwan Weighted, Nikkei and Straits Times gaining 0.6% - 0.7%. Meanwhile, Shanghai Composite was trading flat with a positive bias though Chinese trade data-Purchasing Managers' Index slipped to 50.9 in June from 52.0 in May.
Back home, foreign funds have been net buyers of only $322 million of Indian shares so far in 2011. They had pumped in a record $29.3 billion in 2010.The progress of monsoon rains, which arrived in June are a key to India's trillion-dollar economy which will be eyed for more cues.
The BSE index fell 3.1% in the quarter which just ended yesterday, but notched a 1.9% gain in June -- its first monthly gain in three months.
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