Pre-market: Markets to open higher tracking Asian peers

Markets are likely to open higher tracking gains in Asia on encouraging comments from US Fed and China reforms

Stock markets are likely to open higher on Monday tracking gains in Asia on encouraging stance from the US Fed plans to continue its monetary stimulus measures coupled with bold economic reforms unveiled by China.

Most Asian markets were trading higher led by Hong KOng's Hang Seng which was up nearly 2%. Shanghai Composite was up nearly 1% while Japan's Nikkei was up 0.4% and Straits Times was up 0.3%.
 
At 8:20AM Indian Standard Time the SGX Nifty was up 43 points at 6,171.

The Dow Jones and S&P 500 ended at new closing highs on Friday after Federal Reserve Chair nominee Janet Yellen commented that the US Fed will continue with its monetary stimulus measures to support the US economy.

The Dow Jones Industrial average ended up 85 points, or 0.5%, to end at 15,961.70 led by Exxon Mobil. The Standard & Poor's 500 Index gained nearly 8 points, or 0.4% at 1,798.18. The tech ladenNasdaq Composite Index ended up 13 points or 0.3% at 3,985.97.

Key European shares ended higher on Friday on comments by Federal Reserve Chair Janet Yellen that the Fed would continue its monetary stimulus measures. The CAC-40 ended 27 points higher at 4,292.23, the DAX gained 19 points to end at 9,168.69, while the FTSE-100 ended 27 points up at 6,693.44.

STOCKS TO WATCH

Wockhardt would be in focus on reports that the Intellectual Property Appellate Board (IPAB) has directed the registrar of Trade Marks to cancel a trade mark registered by Gujarat-based Kamaron Laboratories Ltd, on a rectification application filed by Wockhardt Pvt Ltd, which claimed the mark was deceptively similar to its trade mark Zedex.

Elder would see some action on talk that French drug maker Sanofi SA is close to acquiring city-based Elder Pharmaceuticals, valuing the pharmaceuticals company at about Rs 2,200 crore. The transaction is expected to be closed in the next few weeks, said a banker close to the development.

Apollo Tyres is likely to be in focus after the US-based Cooper Tire & Rubber approached the Delaware Supreme Court after a lower court said that Apollo Tyres had not breached obligations on the take-over. The hearing has been fixed for December 19, 2013.

Ranbaxy Labs will be in action after the pharma major looks to sell India-made generic medicines in Japan.

Coal India may be in focus after the second round of the roadshows for the partial stake sale will be held from November 18-26.

Among the companies that announced their results late Thursday and could see some action include, Amara Raja Batteries, Pipavav Defence, HCL Infosystems, IVRCL, Gitanjali Gems and Gammon Infra among others.