The markets are likely to begin the day's trading session on a firm note, taking cues from their global peers. The SGX Nifty futures is at 5,043, up 14 points.
The Asian markets are witnessing positive trades with the Shanghai Composite index having gained 0.43%, the Hang Seng index, up 0.9% and the Nikkei having added nealry 2% in morning trades.
Overnight, the US markets rallied by the latter part of the trading session, after key European leaders calmed jittery investors by assuring them that Greece would remain a eurozone member and would achieve its fiscal targets. The Dow Jones industrial average shot up 1.3%, the S&P 500 added 1.4%, and the Nasdaq composite gained 1.6%.
On Thursday, the Foreign Institutional Investors were net sellers of Rs 46 crore in cash and the Domestic Institutional Investors were net sellers of Rs 183 crore.
According to data released yesterday, inflation rose to a 13-month high to draw closer to double digit mark, in August. Keeping the high inflation numbers in mind, the RBI is even more likely to go for another rate hike to tame price pressures or press a pause button to boost growth in its monetary review on Friday.
The bourses are further expected to react to the Corporate Advance Tax Payments, due today.
Telecom stocks may be in the limelight today as, according to reports, roaming charges paid by mobile users when travelling within India could be abolished, bringing down the monthly bills for frequent travellers but at the same time denting the revenues of telecom companies. Other stocks to watch out for include Ambuja Cements, Infosys and Maruti Suzuki.
