Positive start likely on supportive Asian cues

Headlines for the day:

New FDI norms for 'Indian' firms likely

Alcon to form JVs with Indian drug companies

Maruti asks component suppliers to reduce costs

Events for the day:

Major corporate action

Talwalkars to list today
Visaka Industries board to consider stock split
Results: Jubilant Organosys
For more events, log on to Sharekhan.com

Pre-market report

Global signals

The European shares ended at a seven-month closing low on Friday i.e. May 7, 2010, suffering their biggest weekly fall since November 2008, hurt by escalating fears over the euro zone debt crisis.

The US stocks slid on Friday, completing the biggest weekly decline in more than a year. The Dow Jones industrials closed with a loss of about 140 points, having been down almost 280 earlier in the day.

In today's trade, the Asian markets were trading in the positive territory. At the time of writing this report, SGX Nifty was trading 88.5 points higher.

Indian markets

The Asian markets were quoting higher in their early trade after a massive bail out for Greece took shape over the weekend. The International Monetary Fund has put up nearly $40 billion to help bail out Greece and appease investors' fears of a spreading European debt crisis. The strong Asian cues, good US data numbers released on Friday, will help the Indian markets to begin the session on a positive note. In this week, the investors will eye the index of industrial production (IIP) data for the month of March. The earnings of Jubilant Organosys will be watched later today, the stock will be in focus.

Commodity cues

In the commodity space, the crude oil prices fell for the fourth straight day, following US stocks, as investors remained bearish about Europe's prospects, with the Nymex light crude oil for the June series declined by $2.00 per barrel, whereas in the metals space, the Comex Gold for the June series rose by $13.10 and the Comex Silver for the June series was up by $0.94 to a troy ounce respectively.

Daily trend of FII/MF investment in equities

On May 06 2010, the foreign institutional investors (FIIs) were the net sellers of the Indian stocks to the tune of Rs1,389.10 crore, whereas the domestic mutual funds, on May 05, 2010, were the net buyers of the stocks to the tune of Rs102.90 crore.