Indian Markets likely to open higher tracking positive Asian cues - TRANS SCAN

The Indian markets are likely to open higher tracking positive Asian markets. Tracking the momentum, the index is likely to test its crucial psychological level of 6200 in trade today. At 07:30 a.m., Nifty India stock futures in Singapore were trading 25 point higher at 6214, indicating a higher opening on the domestic market. Indian markets surged for the fifth consecutive week due led by rate sensitive shares after sharp fall in WPI in April 2013.

On Friday, US stocks continued their climb into uncharted territory rising for the fourth week in a row on better than expected economic data. "Economic data showed that Americans felt better about their economic and financial prospects in early May, with consumer sentiment at its highest in nearly six years, while a gauge of future economic activity rose in April to a near five-year high," Reuters said in a report.

Major Asian markets were trading steady after a U.S. Federal Reserve official said the central bank may begin to taper its asset buying this summer.

Source : Equity Bulls

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