Market likely to open flat

Indian equities are likely to open flat on Friday, Mar. 12, 2010. SGX Nifty is trading at 5,144.50 (8.04 a.m.), 15.50 points lower than Thursday`s closing of 5,129.

Asian stocks rose, as the yen weakened on speculation Japan`s central bank will loosen monetary policies. Japanese benchmark index Nikkei 225 rose 41.78 points, or 0.39%, to trade at 10,706.73.

US stocks Thursday helped the market extend its grind higher to a third day. The Dow Jones industrial average rose 44.51 points, or 0.42%, to 10,611.84. It is down 1.1% from its recent high in Jan. 19.

Among Indian ADRs, Sterlite Industries (1.64%), Patni Computer Systems (1.28%), I C I C I Bank (1.17%), Infosys Technologies (0.28%) were major gainers. On the other hand, Wipro (0.04%), H D F C Bank (0.15%), Dr Reddy`S Laboratories (0.23%), Satyam Computer Services (0.55%) were major losers.

European stocks declined from a seven-week high as U.S. jobless claims fell less than forecast and basic-resource producers retreated on speculation rising inflation will prompt China to pare back stimulus measures. UK`s benchmark index FTSE 100 declined 23.31 points, or 0.41%, to end at 5,617.26.

Oil prices stayed put, just above USD 82 on Thursday, as investors mulled demand uncertainties and a government report that showed the country`s huge natural gas reserves shrank a little last week. Benchmark crude for April delivery rose 2 cents to settle at USD 82.11 a barrel on the New York Mercantile Exchange.

In the spot market, the Dollar Index dropped 0.016% to 80.31. It touched a high of 80.33 and a low of 80.25 after opening at 80.28. (21:27 ET)