Markets may open higher on global optimism

Markets are likely to open higher on firm global cues.

US share indices ended higher on Tuesday on encouraging economic data.  The Dow Jones gained 0.7 per cent, S&P 500 rose 1 per cent while Nasdaq ended 0.8 per cent higher.

Asian shares gained after China’s central bank assured liquidity to support growth and encouraging economic data from the US. Japan’s Nikkei was up 1.6 per cent while Straits Times gained 0.8 per cent.

At 8:00 hrs Indian Standard Time the SGX Nifty was up 17 points at 5,618.

According to technical experts,  the Nifty is likely to trade with a bearish bias as long as the index sustains below 5,640 in the very near term. In case, the index is able to sustain above 5,640, then the next major hurdle would be 5,750. On the downside, the index is likely to test 5,470 and 5,410.

Today, the Nifty may seek support around 5,570-5,550, while face resistance around 5,645-5,670.

Aditya Birla Nuvo said that the board of the company has approved the proposal to apply for the bank licence.

Gold loan company Muthoot Finance today said it has got in-principle approval from the Reserve Bank to set up White-Label ATMs in the country on behalf of 'sponsor banks'.

Bajaj Auto has informed that the Company has received a notice from the workmen's union of its Chakan plant because the management had refused to concede their demand that all the workmen working in Bajaj Auto Ltd should each be given an option to subscribe to 500 equity shares of the Company at a discounted price of Re. 1/- per share..