Positive opening for Sensex

After two consecutive days of losses, global indices traded in green wherein US indices recorded strong overnight gains of over 1% each, however the European markets (FTSE 100) on Thursday fell by close to 1%. In today’s trade, the major Asian indices were trading in positive zone with the gains in the range of 0.54%-1.82% each, with China's Shanghai Composite gaining the most. While Singapore Nifty was trading 48 points higher its previous day’s settlement price. Such positive and strong global cues may help Sensex to open higher and trade strongly through the day. With major corporates announcing their Q2 numbers today, markets to following the results closely. Among the local indices, the Nifty could test the 5050- 5100 range on the up side while on the up side it could find support at 4950 and 4900. The Sensex is likely to get support at 16606 and may face resistance at 17000.

On the back of rising optimism on the Q2 corporate earnings front and and better-than-expected results announced by four component of the indices', Dow managed to regain the significant 10000 level and closed with massive gains of 132 points or 1.3% higher at 10081, while S&P 500 and Nasdaq jumped by 1.06% and 0.68% respectively.

Among the Indian ADRs trading on the US bourses Infosys , Dr Reddy's, ICICI Bank and HDFC Bank closed with gains of 0.64%-1.76%. While rest all ADRs that includes Satyam, MTNL, Tata Motors, Wipro, VSNL and Rediff ended the day with the losses in the range of 0.45%-8.24% each, with Satyam falling the most.

In the commodity space, Crude oil prices fell marginally, with the Nymex light crude oil for November series declining by $0.18 to close at $ 81.19 a barrel. In the metals space, the Comex Gold for December series slumped by $5.90 to settle at $1058.60 a troy ounce, while Comex Silver for December series fell by $0.28 to settle at $17.55 a troy ounce.

Daily trend of FII/MF investment in equities

On October 22, 2009, FIIs were the net sellers of the Indian Stocks in the tune of Rs391.70 crore (with the gross purchase of Rs2758.30 crore and gross sales of Rs3149.90 crore). While the Domestic mutual funds mutual funds, on October 21, 2009, were the net seller of the stocks in the tune of Rs558.00 crore (with gross purchase of Rs680.10 crore and gross sales of Rs1238.10 crore).

Headlines for the day

Videocon offers access to DTH via DVD player

Petronet to buy 10% in Dahej project

Jubilant Organosys to sell non-core businesses

Credit growth at a 12-year low of 10.75%

Satyam's virtual pool staff to get no pay after Dec 18

HCC bags Rs167 crore water supply project in Gujarat

Events for the day

Major results: HCC, SKF India, BHEL, Bharat Forge, Birla Corporation, Dr Reddy, Edelwiess Capital, Glaxo, ITC, IDFC, Indian Bank, NTPC, MMTC, Titan, JSW Steel, ING Vysaya Bank, Zee Entertianment, Century Textile

Major corporate action: Arvind Remedies ex-date for dividend, stock spilt of Birla Cotsyn from Rs10 to Re1