Market to open positive

Indian equities are likely to open positive on Monday, Jun. 21, 2010. SGX Nifty is trading at 5,315 (7.40 am), 56.5 points higher than Thursday closing of 5,258.5.

Asian stock markets rose in early trading Monday after China announced the end of its two-year-old peg to the dollar over the weekend. Japanese benchmark index Nikkei 225 rose 176.48 points, or 1.77%, to trade at 10,171.50.



U.S. stocks rose on Friday, capping the market`s biggest back-to-back weekly rally since November, amid speculation Europe`s efforts to contain its debt crisis are succeeding. The Dow rose 16.47 points, or 0.16%, to 10,450.64.

Among Indian ADRs, Tata Motors (0.95%), Sterlite Industries (0.54%), Infosys Technologies (0.38%), Patni Computer (0.31), were major gainers. On the other hand, MTNL (0.31%), Dr Reddy`S Laboratories (0.52%), H D F C Bank (0.53%), Wipro (0.59%), were major losers.

European stocks rose for a fourth week as concern about the region`s sovereign debt crisis waned. Royal Bank of Scotland Group and Societe Generale SA led a rally among bank shares. British Sky Broadcasting soared 19% after Rupert Murdoch`s News Corp. offered to buy the rest of the company for 7.8 billion pounds (USD 11.5 billion). Nokia Oyj slumped 8.60% after cutting its forecasts. BP tumbled for a record ninth week. UK`s benchmark index FTSE 100 declined 3.05 points, or 0.06%, to end at 5,250.84.

Oil and gasoline prices both edged up Friday, extending gains for the week as the driving season picked up speed and more motorists hit the road. Benchmark crude was up for the week, rising 39 cents to settle at USD 77.18 a barrel on the New York Mercantile Exchange. Oil settled Monday at USD 75.12 a barrel.

In the spot market, the Dollar Index dropped 0.196% to 85.53. It touched a high of 85.65 and a low of 85.22 after opening at 85.35. (21:51 ET)

World commodity prices declined on Friday with the fall in Reuters Jefferies CRB Index by 0.14%.