Positive start likely on strong global cues

Headlines for the day:

Sebi to get strict with FII sub-accounts

Japan Tobacco raises investment in Indian unit

Pantaloon, arm plan Rs750 crore NCD

Events for the day:

Major corporate action

Tara Health Foods IPO closes today
Results: India Cements, GVK Power, IDBI bank
For more events, log on to Sharekhan.com

Pre-market report

Global signals

The European shares bounced back on Thursday after sharp declines in the past two days, with strong earnings, encouraging macro data and hopes that Greece is closer to a bailout deal prompting investors to return to equities.

The US stocks chalked up their best day in nearly two months on Thursday as investors welcomed a string of robust earnings reports, while Greece appeared close to a bailout deal, easing fears about a wider sovereign debt crisis.

In today's trade, the Asian markets were trading in green. At the time of writing this report, SGX Nifty was trading 24 points higher.

Indian markets

The robust Q4 numbers here and overseas, Greece close to seek the aid, the US Federal Reserve keeping the interest rates unchanged and the good inflation numbers will help the Indian indices to rise in the last trading session for the month of April. Owing to the strong global cues, the Indian indices are set to open higher. While the earnings of major companies like India Cements, IDBI Bank, IFCI, etc will be watched as their results are scheduled to be announced later today. In the last four trading sessions of this week, the Sensex declined by 191 points. Due to sustain volatility, the Sensex despite of a positive start today may end the week in the red.

Commodity cues

In the commodity space, the crude oil prices closed higher, with the Nymex light crude oil for the May series rose by $1.95 per barrel, whereas in the metals space, the Comex Gold for the May series declined by $2.90 and the Comex Silver for the May series was up by $0.44 to a troy ounce respectively.

Daily trend of FII/MF investment in equities

On April 29, 2010, the FIIs were the net sellers of the Indian stocks to the tune of Rs31.20 crore, whereas the domestic mutual funds, on April 28, 2010, were the net buyers of the stocks to the tune of Rs397.50 crore.