Stocks likely to start postive

Headlines for the day:

SEBI cracks disclosure whip on credit rating agencies

JSW Steel net up, plans to buy US mine

Events for the day:

Major corporate action

Jaypee Infratech IPO closes today
Ex-date for stock split from Rs2/- to Re1/- of Vipul
Ex-date for dividend of Thomas Cook
Results: Syndicate Bank, Jindal Steel
For more events, log on to Sharekhan.com

Pre-market report

Global signals

The European shares rose on Monday, as upbeat US data boosted hopes of an economic recovery, although doubts persisted on Greece's ability to implement the tough austerity measures it has agreed to under a $147 billion bailout deal.

The US stocks staged a broad rally that drove the S&P 500 to its best day in two months on Monday after manufacturing, consumer spending and construction data instilled confidence that the economic recovery is gaining traction.

In today's trade, the Asian markets were trading on a positive note, except Shanghai Composite. At the time of writing this report, SGX Nifty was trading 14.5 points higher. The Janpanese market (Nikkei 225 index) is closed today on account of Greenery day.

Indian markets

The Sensex opened the May month on a weak note and shed nearly 1% or 173 points on Monday (May 13, 2010), as market sentiments across the globe got disrupted on concerns over the bailout package for debt-laden Greece and fiscal problems in the euro zone.

But as of now the global scenario is different and has taken up a U-turn towards recovery. The news of the robust US data (manufacturing, consumer spending and construction data), Europe recovering on Greek woes, Asian markets trading higher and positive cues around the globe may add fuel, which will help the Indian market to begin the session on a positive note.

However, the earnings of Syndicate Bank and Jindal Steel are later to be announced today — the stocks will be closely eyed by the investors.

Commodity cues

In the commodity space, the crude oil prices gained amid growing concerns over the spill and optimism about Greece's rescue plan, with the Nymex light crude oil for the June series up by $0.04 per barrel, whereas in the metals space, the Comex Gold for the June series rose by $2.60 and the Comex Silver for the June series was increased by $0.20 to a troy ounce respectively.

Daily trend of FII/MF investment in equities

On May 03, 2010, the foreign institutional investors (FIIs) were the net buyers of the Indian stocks to the tune of Rs538.90 crore, whereas the domestic mutual funds, on April 29, 2010, were the net buyers of the stocks to the tune of Rs358.70 crore.