MUMBAI: Stocks are likely to remain rangebound on Monday in the run-up to the March series F&O expiry later this week. Given that Asian markets are trading with strength, the Indian bourses should start trade on a positive note.

Japan’s Nikkei average rose more than 2 percent to a six-week high on Monday, with banks including top lender MUFG jumping on hopes for US plans to further help a strained financial system, while a weaker yen helped exporters. Japanese markets were closed on Friday for a national holiday.

Other Asian markets were also trading higher on optimism that the US government stimulus efforts will revive lending and ease the global economic slump. The Nikkei was up 2 per cent, Topix rose 1.95 per cent, Hang Seng climbed 2.29 per cent and Straits Times advanced 1.56 per cent.

Meanwhile, US stocks slid on Friday as the Federal Reserve’s plan to rekindle consumer and small business lending fell short of expectations and General Electric was hit by analysts’ bearish comments.
The Dow Jones Industrial Average slipped 122.42 points, or 1.65 per cent, to 7,278.38. The Standard & Poor’s 500 Index shed 15.50 points, or 1.98 per cent, to 768.54 and the Nasdaq Composite Index lost 26.21 points, or 1.77 per cent, to 1,457.27.

Back home, Indian equities ended a volatility marred session on a flat note Friday. Investors continued to churn their portfolio of frontline stocks ahead of F&O expiry next week. Global markets, which have been the guiding force for domestic market, were also subdued.

Bombay Stock Exchange’s Sensex closed at 8,966.68, down 35.07 points or 0.39 per cent from Thursday’s close. The 30-share index touched a high of 8999.98 and low of 8867.13. National Stock Exchange’s Nifty ended flat at 2807.05. The broader index touched an intra-day high of 2816.10 and low of 2773.65.

source: Economictimes

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