Gap-up opening likely on firm global cues

Markets are likely to start the session on a positive note following the supportive global peers. The markets may remain volatile ahead of F&O expiry of December series today

Headlines for the day:

NTPC likely to float Rs18,000-crore tender

Godrej Properties signs development pact with Addison & Co

Union Bank to raise $200 million in MTNs, may float public issue later



Events for the day:

Major corporate action

Punjab and Sind Bank to list today
India's weekly inflation to be announced today, to view the update on this, kindly log on to Sharekhan.com at 12 pm.
F&O expiry for the month of December to be announced today

Pre-market report

Indian indices

The current scenario of Indian markets is likely to be positive after a smart recovery in the previous session. Markets expect a positive start following the supportive global markets.

Today's session will be interesting to watch, as investors were seen clearing their pending positions at existing higher level ahead of the expiry of F&O contracts for December, which are set to expire today. Also, weekly inflation readings are going to be announced later today; the markets are expected to remain volatile.

Equity shares of state-owned Punjab and Sind Bank will be listed on the bourses today. The issue price has fixed at Rs120 a share, at higher end of price band of Rs113-120 a share.

The meeting of the empowered group of ministers (EGoM) headed by Pranab Mukherjee, where a decision on fuel price hike was to be taken today, has been cancelled.

Daily trend of FII/MF investment in equities

The FIIs have bought Indian stocks worth a net of Rs149.40 crore on December 29, 2010 as compared to the net buy of Rs266.30 crore on December 28, 2010. The domestic investors have sold Indian shares worth a net of Rs124.90 crore on December 24, 2010.

Global signals

European markets ended higher on Wednesday, extending a year-end rally and putting equities on track to post their biggest monthly gain in 17 months, though trading volumes remained low.

In US, the S&P 500 headed for its best December in nearly two decades as US stocks advanced in thin trade on Wednesday, lifted by investor optimism about the economy in 2011.

Majority of the Asian markets were trading higher. Japanese Nikkei dropped more than a percent as the yen advanced to a fresh seven-week high against the dollar. SGX Nifty was trading 8 points higher, pointing for a firm opening on the Indian markets.

Commodity cues

Crude oil prices fell on Wednesday, but stayed close to recent 26-month highs above $91 a barrel, pulled down in light trade by profit-taking as markets awaited the release of weekly US oil inventory data. Crude for February delivery declined 37 cents to settle at $91.12 a barrel.