SGX Nifty indicates firm start to stocks, global markets advance

Moneycontrol Bureau

Indian markets are likely to take back some of their losses clocked yesterday at open, as global equities rose thanks to risk-on sentiment.

At the time of writing, SGX Nifty on the Singapore exchange rose 23.5 points, or 0.27 percent, to 8,794. The SGX index tracks futures traded on the Indian Nifty.

Overnight, Wall Street rose along with oil, as a surprise drawdown in inventory bolstered the latter. Asian markets too were broadly higher in early trade ahead of a key US jobs report Friday that may further offer clues into whether a second interest rate hike by the Fed since the financial crisis is on cards.

Locally, the Nifty will likely face support at 8,702, its 50-day moving average while 8,800 is seen as a resistance.

Telecom stocks may be in focus with intense bidding seen for the Rajasthan (800 Mhz) and Mumbai and UP East (1,800 Mhz) circles.

In other stocks, Phillips Carbon Black board approved amalgamation of Goodluck Dealcom unit with self. While Sagar Cement formed a joint venture with China's Jiangsu Jingke Smart Electric.