Strong start likely; Infosys results eyed

Headlines for the day:

FMCG, agriculture companies make a beeline

Asian Hotels sells stake in subsidiary to IL&FS

JSPL to sign MoU with Orissa for Rs45,000 crore



Events for the day:

Major corporate action

Anukaran Commercial board to consider bonus issue today
Results: Infosys Technologies
Ex-date for dividend of Reliance Industrial Infrastructure
For more events and news, log on to Sharekhan.com

Updates on global events

The UK Gross Domestic Product (QoQ) and (YoY) (1Q F) stood at 0.3% and (0.2%), which remained unchanged

Pre-market report

Global signals

The European shares rose for a fifth straight day on Monday (July 12, 2010), with British Petroleum surging on reports it may sell assets, although some traders said they remained cautious ahead of the start of the US results season.

The caution prevailed in the US stock market on Monday, with indexes edging higher as investors kept bets to a minimum in front of earnings.

The Asian markets were trading higher, except Shanghai Composite, as Alcoa Inc kicked off the US earnings season on a positive note, helping to lift the markets. SGX Nifty was trading 18 points higher, pointing to a gap-up start on the Indian indices.

Indian Indices

In the previous session, the Nifty rallied and crossed the 5400 levels for the first time in 30 months. Owing to the positive global markets on the back of good expectations of earning season, the Indian indices are expected to extend its previous session’s gains in today’s trade to start the day on a strong note.

The IT bellwether Infosys Technologies today will flag off the first quarter earnings season for top companies. The market players may be keenly watching the numbers and guidance of Infosys, which are expected to declare before the session starts. The IT bellwether not only sets the mood of the sector but the entire market sentiments.

The strong corporate earnings journey is highly expected as it was witnessed earlier in the March quarter.

Commodity cues

After gaining for almost three sessions, the crude oil posted losses, as crude oil futures for August delivery declined $1.14, to settle at $74.95 a barrel.

Daily trend of FII/MF investment in equities

The foreign institutional investors (FIIs) fund are pumping in the Indian markets, as they have been the net buyers of Rs3,465.60, which more than double amount of investment witnessed in the last week, which may keep the market sentiments boosted in the upcoming sessions ahead.