Mkts likely to open higher tracking global cues

The markets could make a higher opening today tracking firm global cues. According to technical analysts, the NSE index is likely to seek support at 5,625-5,615, while face resistance around 5,665-5,675.

Overnight, the S&P 500 scored its best day in seven weeks on Thursday as bullish consumer confidence and private-sector jobs data gave investors reason to cheer following superstorm Sandy's devastating sweep through the U.S. Northeast.

Asian shares rose on Friday as investor risk appetite returned after overnight data suggested some stabilisation in the global recovery trend, particularly in the world's top two economies, the United States and China.

The MSCI index of Asia-Pacific shares outside Japan edged up 0.2 percent, following overnight gains in European and U.S. stocks on positive U.S. private sector employment and consumer confidence reports, as well as data showing a moderate pick up in Chinese manufacturing activity.

At 700 am Indian Standard Time, the SGX Nifty was trading at 5,713 – up 43 points.

STOCKS TO WATCH

RIL has cut its estimate of gas reserves in the D6 block off India's east coast by about two-thirds to 3.4 trillion cubic feet (tcf), the oil ministry said, hurting plans for the country to reduce its gas imports.

SpiceJet is looking at raising funds from investors including private equity firm Bravia Capital.

Lodha Developers had completed the acquisition of 17-acre land in Mumbai from realty major DLF for Rs 2,725 cr.

SBI had ruled out any cut in its lending rates due to steep rise in provisioning for restructured standard assets.

L&T has received new orders of over Rs 1,063 crore across various segments in October.