Markets may open positive

Indian equities are likely to open positive on Monday, Nov. 8, 2010. SGX Nifty is trading at 6,333 (7.32 am), 24 points higher than Friday closing of 6,309.



Asian stocks rose, driving the MSCI Asia Pacific Index to its longest winning streak since June, after a government report last week showed the U.S. added more jobs than forecast, boosting confidence in the world`s largest economy. Japanese benchmark index Nikkei 225 rose 88.32 points, or 0.92%, to trade at 9,714.31.

US stocks struggled to end barely higher Friday after a blowout report on job creation failed to extend a powerful rally this week driven by the Federal Reserve`s latest plan to pump up the economy. The Dow closed up 9.24 points, or 0.08%, at 11,444.08.

Among Indian ADRs, Tata Motors (2.80%), H D F C Bank (0.58%), Sterlite Industries (0.42%), I C I C I Bank (0.28%), Dr Reddy`S Laboratories (0.15%), were major gainers.

European stocks rose to a six-month high this week as the Federal Reserve announced another round of bond purchases to boost the economy, offsetting renewed concern that some European countries won`t be able to repay their debts. UK`s benchmark index FTSE 100 gained 12.56 points, or 0.21% to trade at 5,875.35.

Oil jumped above USD 87 a barrel Friday in Asia, reaching its highest since early May, as the Federal Reserve`s plan to buy USD 600 billion of Treasury bonds to stimulate the U.S. economy continued to send a tide of cash into stocks and commodities. Benchmark crude for December delivery was up 37 cents at USD 86.86 a barrel at late afternoon Bangkok time in electronic trading on the New York Mercantile Exchange after earlier reaching USD 87.22. The contract climbed USD 1.80 to settle at USD 86.49 on Thursday.

In the spot market, the Dollar Index increased 0.358% to 76.82. It touched a high of 76.38 and a low of 76.55 after opening at 76.35. (20:54 ET)

World commodity prices gains on Friday with the increase in Reuters Jefferies CRB Index by 0.40%.