Markets are expected to open firm on back of strong global cues and better-than expected Reliance Industries results.
rose in the morning session after China's Purchase Managers Index spiked to 54.7 from 53.8 in September higher than the median projected pulling the Shanghai Composite up 1.1%. Even Hong Kong's Hang Seng surged 1.8% as Chinese factories got busy in the month of October.
Japan's Nikkei has fallen 0.2% despite speculations that Japanese government has intervened to put a cap on rising Yen. Singapore's Straits Times, South Korea's Seoul Composite, and Taiwan Weighted surged over 1%.
Nifty futures trading in the Singapore Exchange have surged 62 points to 6102 which indicates that Indian Markets
will open higher.
Reliance Industries posted 28% rise in net profit in the second quarter led by higher gross refining margins and sharp rise in exports of refined products, from $7.5 bn to $13.4 billion year on year. Reliance Industries has the highest weightage on the Sensex may contribute to market gains in the morning session.
Jaypee Derivates in a research note said, "The strike PCR at 6000 is 1.8 indicating that Nifty will find some support around 6000 levels, and at 6300 is 0.15, hence 6300 will act as a resistance for Nifty in the near term."