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Indian stocks are likely to open higher tracking positive cues from Asia. However, gains may be capped later in the day on concerns that a weakening rupee may induce foreign institutional investors to reduce their holdings in large caps.
Benchmark US share indices surged over 1.3 per cent on Friday after May jobs data which came in line with expectation eased investors' concerns that the Federal Reserve would soon begin reducing it stimulus measures. The Dow Jones Industrial Average ended up 207 points or 1.4 per cent at 15,248. S&P 500 ended up 21 points or 1.3 per cent at 1,643 and Nasdaq Composite ended up 45 points or 1.3 per cent at 3,469.
Stocks in Asia were trading higher in early trades on Monday but investors remained cautious over China growth concerns. The Nikkei rebounded from its sharp correction last week and was up nearly 3 per cent, Singapore's Straits Times was up 0.6 per cent and South Korea's KOSPI gained 0.3 per cent.
At 8:20 hrs Indian Standard Time the SGX Nifty was up 44 points at 5,927.
According to technical experts, the near support for the Nifty is around 5,800-odd levels, which is the 200-DMA. As per the weekly charts sustained trade below 5,870 would favour of the bears. Today, the NSE benchmark index is likely to seek support around 5,845-5,820, while face resistance around 5,920-5,945.
IT majors are likely to extend gains on the back of a weakening rupee.
Fortis Healthcare said that it has raised $55 million through issue of 550 foreign currency convertible bonds to International Finance Corporation.
Tata Communications confirmed delisting of its American Depositary Shares from the New York Stock Exchange with effective at the close of business on Friday, June 7, 2013.
Indiabulls Power informed that 1st unit (270MW) of its 1,350MW (5x270Mw) Phase 1 thermal power plant at Amravati, Maharashtra has commenced commercial operation and has started supply of power.
INOX Leisure said that the merger of Fame India Ltd and its subsidiaries with itself was sanctioned. A
Cinemax India said that its board of directors at its meeting held on June 7, 2013, has approved "in-principle" the proposed merger of the company with PVR Ltd.
