Market seen extending Thursday's surge; RIL Q1 eyed

Key benchmark indices are likely to extend Thursday's over 2.5% surge on strong global cues with the Dow Jones industrial average recording its first close above 9,000 since January 2009. The SGX Nifty futures for July 2009 expiry jumped 26.50 points in Singapore. Companies announcing June 2009 quarterly results will be in spotlight.

Reliance Industries, Reliance Petroleum, Ranbaxy, GAIL, HCC, Jet Airways, Fortis Healthcare, among others will announce their June 2009 quarterly result today, 24 July 2009. The Q1 June 2009 results announced so far have encouraging, with lower costs helping bottomline growth. The combined net profit of 434 companies rose 18.20% Rs 30392 crore on 5.9% growth in sales to Rs 196599 crore in Q1 June 2009 over Q1 June 2008.

Asian markets were trading firm today, 24 July 2009 on upbeat US earnings. Key benchmark indices in Hong Kong, China, Taiwan, Singapore, South Korea and Japan rose by between 0.43% and 1.41%.

US markets surge don Thursday, 23 July 2009 as investors celebrated news of another jump in home sales by propelling the Dow Jones industrials to their first close above 9,000 since January 2009. The Dow gained 188.03 points, or 2.1%, to 9,069.29. The S&P 500 index rose 22.22 points, or 2.3%, to 976.29. The Nasdaq Composite Index rose 47.22 points, or 2.5%, to 1,973.60. Better-than-expected profits at some of the nation's biggest companies also lifted the market.

Back home, as per the provisional figures on the NSE, foreign institutional investors (FIIs) bought shares worth Rs 511.94 crore on Thursday, 23 July 2009 while domestic institutional investors sold shares worth Rs 34.16 crore.