Market likely to open positive

Indian equities are likely to open positive on Tuesday, Feb. 16, 2010. SGX Nifty is trading at 4,823 (7.52 am), 28 points higher than Monday`s closing of 4,795.

Asian stocks rose, led by financial companies, as improving earnings in Australia pointed to a strengthening global economic recovery. Japanese benchmark index Nikkei 225 rose 37.41 points, or 0.37%, to trade at 10,050.71.

European stocks rose on the outlook for economic growth and earnings, while the euro weakened as officials gathered to discuss how they plan to help Greece tackle the region`s largest deficit. UK`s benchmark index FTSE 100 advanced 25.02 points, or 0.49%, to end at 5,167.47.

Oil prices hovered above USD 74 a barrel Monday, supported by strong economic growth in Japan but held in check by a stronger dollar. Trading volume was light, however, due to holidays in Asia and the United States. Benchmark crude for March delivery was up 13 cents at USD 74.26 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell USD 1.15 to settle at USD 74.13 on Friday.

In the spot market, the Dollar Index dropped 0.147% to 80.26. It touched a high of 80.40 and a low of 80.23 after opening at 80.36. (21:21 ET)