Markets may open firm; Budget clarifies doubts

Headlines for the day

3G players kept out of tax break under Sec 80IA - Business Line

GDP growth seen at a slower 6% in Q3 - DNA Money

Prudential snaps up AIG's Asian unit for $35.5 bn - Business Standard

Hindustan Dorr-Oliver acquires UK company - Business Standard

MphasiS scouting for firm to boost ITO biz - Business Standard

Events for the day

Major corporate action

Ex-date for Rights issue of Intellivate Capital.

Pre-market report

Global signals

The European stocks closed higher on Monday, as commodities like miners and oils lift the European shares. FTSE 100 closed 0.96% higher at 5405.94.

On Monday, US stocks closed higher, boosted by AIG's record-setting deal to sell a major Asian unit and combined with SanDisk Corp raised its revenue forecast. Dow Jones closed higher by 0.76%; Nasdaq closed marginally higher by 1.58%.

In today's trade, Asian indices showing the mixed trend, as indices like Shanghai Composite, Hang Seng and Nikkei are trading in negative territory, while indices like Jakarta Composite, Straits Times and Kospi are trading in positive territory. At the time of writing of this report SGX Nifty trades 63.50 points higher.

Indian markets

Indian market may open higher on the back of positive global cues. Markets may remain volatile as budget related uncertainties have passed with no negative effects.

Among the local indices, the Nifty could test the 4900-4950 range on the up side, while on the down side it could find support at 4800 and 4750. While the Sensex is likely to get support at 15600 and may face resistance at 16800.

Indian ADR's

Among the Indian ADRs trading on the US bourses, all the ADRs closed green, except Rediff that slide the most by 2.89%. Wipro that gains the most by 3.47% followed by Tata Motors that rises by 3.21%.

Commodity cues

In the commodity space, wherein the Crude oil prices recorded marginal loss, with the Nymex light crude oil for April series down by $0.03 to settle at $78.67 a barrel.

In the metals space, Comex Gold for April series declined by $0.60 to settle at $1118.30 to a troy ounce.

In the metals space, Comex Silver for May series declined by $0.06 to settle at $16.46 to a troy ounce.

Daily trend of FII/MF investment in equities

On February 26, 2010, FIIs were the net sellers of the Indian Stocks in the tune of Rs243.70 crore (with the gross purchase of Rs2402.10 crore and gross sales of Rs2645.80 crore).

While the Domestic mutual funds, on February 25, 2010, were the net buyers of the stocks in the tune of Rs377.60 crore (with gross purchase of Rs1114.90 crore and gross sales of Rs737.30 crore).