>Opening Bell (ICICI Direct)

● Indian markets are likely to open flat, taking cues from global markets. Asian markets were trading positive in the morning led by financial stocks. Investor sentiments lifted on bank’s stabilisation hopes after G20 finance ministers promised to use all available tools to fight the global recession. The meeting of G20 finance ministers held in the UK over the weekend promised help for troubled countries and said they would use all the fiscal and monetary tools they had to alleviate the economic downturn. We believe the sentiments would be positive on hopes of banks stabilisation.

● The Sensex has supports at 8640 and 8560 and resistances at 8870 and 8980. The Nifty has supports at 2680 and 2650 and resistances at 2760 and 2780.

● Asian stocks gained, led by financial companies and automakers, on heightened optimism government stimulus measures will help revive global economic growth. Nikkei gained 178.3 points, or 2.4%, to trade at 7,754.1. Hang Seng rose 241.8 points, or 1.9%, to trade at 12,767.6.

● US stocks wrapped up their best week since November on Friday as Citigroup said it did not need any more government aid and a broker upgraded Merck & Co, saying its deal to buy a rival was shrewd. The Dow Jones gained 53.92 points, or 0.75%, to end at 7,223.98. The S&P
500 rose 5.81 points, or 0.77%, to 756.55. The Nasdaq added 5.40 points, or 0.38%, to 1,431.50.

● Stocks in news: M&M, RIL, ONGC, Omaxe

To see full report: OPENING BELL 160309