Markets likely to open positive on firm global cues

Market is expected to open on a higher note tracking positive global cues.

US stocks climbed on Monday, with the Dow and S&P 500 advancing to all-time highs as a distribution deal by Apple Inc with China Mobile boosted the technology sector.

Apple rose 3.8% to USD 570.09, its biggest percentage gain in three months, after the tech titan said on Sunday it had signed a long-awaited agreement with China Mobile to sell iPhones through the world's biggest network of mobile phone users a deal that could add billions of dollars to its revenue.

DJI rose 73.47 points or 0.45%, to end at 16,294.61, a record high. The S&P 500 gained 9.67 points or 0.53%, to finish at a record 1,827.99. The Nasdaq Composite advanced 44.163 points or 1.08%, to close at 4,148.903, its highest since August 2000.

Asian markets too are trading firm after Wall Street rang up more records and upbeat U.S. spending data burnished the outlook for the global economy, even as benign inflation left gold on course for its worst year in over two decades.

At 8:20 AM, the SGX Nifty was flat at 6,305.

According to a technical analyst, “Stop loss shorts at 6350. Stop loss long positions at 6250. A breakout/ breakdown could go till 6400 or 6200 respectively. A strangle of long 6400c (4.5) and long 6200p (3.5) could hit a cmobined value of 20-plus if there's a big move”

Meanwhile, RBI Governor Raghuram Rajan said the central bank had tilted towards keeping rates on hold even before November consumer and wholesale price inflation data were released.

STOCKS TO WATCH

YES Bank had raised $150 million from International Finance Corporation (IFC), Washington, a member of the World Bank group, for up to seven years.

Tata Housing, the real estate development company from Tata Group, entered into an agreement with Alstom T&D India to buy its manufacturing unit spread across 20 acres in Bangalore for 120 crore.