Market may open flat

Indian equities are likely to open flat on Friday, Jul. 9, 2010. SGX Nifty is trading at 5,320 (7.31 am), 15 points higher than Wednesday closing of 5,305.



Most Asian stocks rose as a Fast Retailing Co. forecast dragged on Japanese equities, overshadowing gains by technology companies after U.S. jobless claims declined. Japanese benchmark index Nikkei 225 rose 26.53 points, or 0.58%, to trade at 9,562.27.

Investors are getting enthusiastic about stocks again after some reassuring news from the job market. Stocks rose for a third straight day Thursday on the Labor Departments report of a larger than expected drop in the number of newly laid-off people seeking unemployment benefits. The Dow rose 120.71 points, or 1.20%, to 10,138.99.

Among Indian ADRs, Satyam Computer (2.63%), Tata Motors (1.50%), Dr Reddy`S Laboratories (1.05%), I C I C I Bank (1.01%), were major gainers.

Oil rose for a second day on Thursday, following two upbeat economic reports and signs that petroleum supplies were shrinking. Benchmark crude rose USD 1.37 to settle at USD 75.44 a barrel on the New York Mercantile Exchange.

European stocks advanced for a third day as the International Monetary Fund raised its global growth forecast and banks climbed on optimism stress tests will ease concern about the health of the financial system. UK`s benchmark index FTSE 100 advanced 90.63 points, or 1.81%, to end at 5,105.45.

In the spot market, the Dollar Index dropped 0.004% to 83.82. It touched a high of 83.88 and a low of 83.72 after opening at 83.75. (21:54 ET)

World commodity prices rose on Thursday with the increase in Reuters Jefferies CRB Index by 0.49%.