The
Indian market is set to get an early boost from a powerful rally on
Wall Street. US stocks surged, with the Dow logging its best day this
year. The US gains were underpinned by strong earnings from IBM and an
encouraging report on housing starts.
Meanwhile,
President Barack Obama says there has been some progress in talks with
lawmakers about raising the debt limit. US House approved a Republican
bill that would raise the debt ceiling on condition that the Congress
pass a balanced budget and make deep spending cuts.
European markets also advanced. Asian indices are mostly higher but not by a great deal.
Back home, Q1 results will continue to drive sentiment. Wipro will be in the spotlight after the IT major announced its numbers.
A spate of mid-cap firms is also unveiling their earnings today. So, stock specific action will continue to hog the limelight.
Tuesday’s
ascent could lift the Nifty to at least 5650 and Bank Nifty to 11,600.
Today, we expect the positive trend to persist. However, profit booking
is not ruled out around 5670 levels.
