Pre market: Markets likely to open positive

SGX Nifty was flat at 5,630

The markets could make a higher opening today tracking firm Asian cues. Yesterday, the RBI at its second quarter monetary policy review kept key policy rates unchanged. However, the central bank reduced the cash reserve ratio (CRR) by 25 bps.

According to technical analysts, the NSE index is likely to seek support around 5,560-5,535, while face resistance around 5,635-5,660.

On the global front, major U.S. stock exchanges expect to reopen on Wednesday after Sandy, the worst storm to hit New York in nearly 75 years, closed trading for two days.

NYSE Euronext said the New York Stock Exchange would open as usual, although it was prepared to switch to fully electronic trading if necessary.

Asian shares rose and the yen was pressured on Wednesday, as risk appetite recovered slightly after European equities and the euro firmed overnight while U.S. financial markets looked set to resume trading with the passage of a powerful storm.

The MSCI index of Asia-Pacific shares outside Japan was up 0.2 percent after touching a two-week low on Tuesday.

At 710 am Indian Standard Time, the SGX Nifty remained flat at 5,630.

STOCKS TO WATCH

Punj Lloyd has won contracts worth Rs 664 crore to build residential complexes in India and Singapore.

Mindtree has partnered Chennai-based Kryptos Networks to enhance its distribution of VMUnify solution across Asia.

Spicejet will finalise its fleet expansion order in the next three months, said Neil Mills, the the airline’s chief executive officer.