Supportive global and domestic cues are likely to take the markets higher in trade today. On Tuesday, Asian markets gained ground as sentiment improved on hopes Spain would use public funds to bolster its struggling banks, although wariness remained over Greece.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3% after sliding over two per cent a day earlier – its worst daily fall in about five months. Japan's Nikkei stock average opened 0.8 per cent higher, after suffering its biggest fall in six months and hitting a three-month low on Monday. The US markets, however, ended flat.

On the domestic front, rollback of a few Budget proposals and deferment of General Anti-Avoidance Rule (GAAR) for a year that helped the markets recover lost ground on Monday are likely to support the sentiment today also.

“The Nifty is likely to face resistance around 5,165-5,200, while it can seek support around 5,060-5,030 levels,” analysts say. At 715 am Indian Standard Time, the SGX Nifty was trading at 5128 – down 3 points.

Among individual stocks, United Phosphorus has announced a buy-back of 1.92 crore equity shares for up to Rs 288 crore from the open market.

GlaxoSmithkline Consumer Healthcare reported a 19.3% rise in its March quarter net profit to Rs 132 crore.

DLF Pramerica Life, seeking an Indian partner for its operation, is reported to be in talks with HCL Group to sell a majority stake.

SKS Microfinance could come under pressure on reporting a net loss of Rs 329.5 crore for the quarter ended March 2012.

Also keep a tab on Hindalco, Glenmark Pharma and Kotak Mahindra Bank as they will announce their respective March quarter results today.

Source : business-standard.com