Indian markets are likely to open firm on the back of positive global cues & on the back of very strong closing witnessed on Friday which saw indices bouncing by nearly 5%, a biggest rise in last three months.
Wall Street rallied at the end of a choppy session Friday as investors pushed the stock market's gains to four days in a row - its best stretch since late November. While the four-day advance is a confidence-booster, investors will be tested next week to see if they can extend the rally. Next week also brings reports on manufacturing, housing, wholesale and consumer inflation that could really test Wall Street. On Friday Both Dow Jones Industrial Average & Nasdaq gained 0.8% & 0.4% respectively.
Asian markets are also trading higher at this point in time with Hang Seng & Nikkei up 2.0% & 2.4% respectively. Indian ADR's were largely up with Tata Communications being the biggest gainer up by 9%. Financial stocks continued to rally upwards with both ICICI Bank & HDFC Bank registering gains of 3.7% & 6% respectively. Tech ADR's however were bit subdued with the exception of Wipro which was up 2.8% while Satyam & Infosys ended the day marginally lower. Sterlite & Tata Motors were also up by 3.8% & 2.3% respectively.
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