Daily Market News - Dec 21 2010

Indian equities are likely to open flat on Tuesday, Dec. 21, 2010. SGX Nifty is trading at 5,962 (7.44 am), 9 points higher than Monday closing of 5,953.

Asian stocks rose as commodity prices advanced and a Federal Reserve official said U.S. economic growth next year may be stronger than some economists forecast, boosting confidence in a global economic recovery. Japanese benchmark index Nikkei 225 rose 67.33 points, or 0.66%, to trade at 10,283.70.



US stocks closed mixed after a session of lackluster trading, although the S&P 500 and the Nasdaq hit new two-year highs on thin gains amid a lack of economic news. The Dow fell 13.78 points, or 0.12%, to 11,478.13.

European stocks hit a 27-month closing high on Monday, with miners rising on buoyant metal prices, and utilities catching up with the rest of the market`s recent gains, but in seasonally quiet trade. UK`s benchmark index FTSE 100 advanced 19.86 points, or 0.34%, to end at 5,891.61.

Oil prices hovered above USD 88 a barrel Monday in Asia amid light trading volume ahead of the Christmas holiday. Benchmark oil for January delivery was up 19 cents to USD 88.21 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 34 cents to settle at USD 88.02 on Friday.

In the spot market, the Dollar Index dropped 0.346% to 80.32. It touched a high of 80.61 and a low of 80.29 after opening at 80.60. (21:08 ET)

World commodity prices gains on Monday with the increase in Reuters Jefferies CRB Index by 1.13%.