A spirited comeback by US shares in late trade sounds good on a Friday morning. Asian markets are also up and Singapore Nifty futures are pointing to a higher start back home.
Crude oil futures sank after the International Energy Agency’s surprise release of oil reserves to counter shortfall from Libya. Crude has recovered a tad though in electronic trading in Asia.
Talking of oil, reports suggest the much-delayed EGoM on fuel prices may meet today to consider a hike in diesel and LPG prices. It could also mull a duty rejig to cushion the blow to the consumer class. However, with oil having come off one has to see if the EGoM actually materialises.
Sugar stocks may be in action after another EGoM cleared export of 5 lakh tons. So, we could close the week on a high if overseas cues remain encouraging. We expect the advance to sustain as long as the Nifty remains above 5250. Immediate resistance is seen around the 5372 levels.
