Telecom stocks, Reliance to be on the buzzer

The markets are likely to trade on a lacklustre note in the absence of major cues from the US markets that were closed on account of Independence Day holiday.

Asian shares eased on Thursday, as markets awaited the European Central Bank’s policy decision later in the day. MSCI’s broadest index of Asia-Pacific shares outside Japan inched down 0.2 per cent, while Japan’s Nikkei average opened down 0.3 per cent.

Back home, the Nifty is likely to seek support around 5,285 – 5,275, while it can face resistance around 5,320 – 5,330, technical analysts suggest. At 815 am Indian Standard Time, the SGX Nifty was trading at flat at 5,310 levels.

Among individual stocks, SKS Microfinance could gain ground on reports that the RBI is likely to relax some of the norms pertaining to net worth, capital adequacy and provisioning needs of microfinance companies.

Upstream oil regulator has rejected the price RIL had proposed for CBM gas saying the process followed was not in conformity with oil ministry guidelines. This could bring the stock back in focus today.

Also keep a tab on telecom stocks as the Department of Telecommunications has released the initial norms for auction of 2G spectrum, but the crucial aspect of reserve price of spectrum is yet to be decided by an empowered group of ministers.

Consumer durables maker, Videocon Industries, could also be in the limelight on reports that it plans to start operations in its Tamil Nadu plant unit in three – four months.

Source: Business Standard

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