Positive global cues may push market higher today

Indian equities are likely to open positive on Thursday, Jan. 28, 2010. SGX Nifty is trading at 4,888 (8.01 am), 53 points higher than Wednesday`s closing of 4,835.

Asian stocks rose for the first time in nine days, led by electronics and technology companies, after Canon Inc. forecast its biggest profit increase in a decade. Japanese benchmark index Nikkei 225 rose 152.75 points, or 1.49%, to trade at 10,404.83.

US stocks recovered from an early slide to end moderately higher after the Fed issued a more upbeat assessment of the economy following a two-day meeting on interest rates. The Dow Jones industrial average rose 41.87 points, or 0.41%, to 10,236.16. Among Indian ADRs, Sterlite Industries (India) (1.39%), Infosys Technologies (0.68%), Dr Reddy`S Laboratories (0.59%) were major gainers. On the other hand, I C I C I Bank (0.75%), MTNL (2.64%), Wipro (3.03%), Satyam Computer Services (3.39%) was major losers.

In the spot market, the Dollar Index increased 0.309% to 78.92. It touched a high of 79.07 and a low of 78.73 after opening at 78.73. (21:19 ET)

European stocks dropped for the fifth time in six days amid concern Europe, China and the US will step up plans to unwind stimulus measures. UK`s benchmark index FTSE 100 declined 59.38 points, or 1.13%, to end at 5,217.47.

Oil prices continued their two-week slide on Wednesday after a government report showed demand for crude products dropped even further from the weak levels of a year ago when the recession`s grip on the economy was strongest. Benchmark crude for March delivery fell USD 1.04 to settle at USD 73.67 a barrel on the New York Mercantile Exchange.