Markets may open positive

Indian equities are likely to open positive on Thursday, Dec. 9, 2010. SGX Nifty is trading at 5,948 (7.49 am), 23 points higher than Wednesday closing of 5,925.

Asian stocks gained, driving the benchmark index to its sixth advance in seven days, as the dollar strengthened almost to an 11-week high against the yen, boosting the profit outlook for Japanese exporters. Japanese benchmark index Nikkei 225 rose 27.13 points, or 0.27%, to trade at 10,259.50.



US stocks ended modestly higher Wednesday as the dollar rose and Treasurys hit six-month highs on fears the economy would heat up under the tax plan under consideration in Washington. The Dow Jones Industrial Average rose 13.32 points, or 0.12%, to close at 11,372.48 after fluctuating much of the session.

European equities hit a 26-month closing high on Wednesday, boosted by banking and insurance shares, on expectations that concerns about the euro zone debt crisis will abate and financials will perform well. UK`s benchmark index FTSE 100 declined 13.92 points, or 0.24%, to end at 5,794.53.

Oil prices fell Wednesday in Asia as traders locked in profits after crude rose above USD 90 a barrel for the first time in more than two years. Benchmark oil for January delivery was down 86 cents to USD 87.83 a barrel at late afternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange.

In the spot market, the Dollar Index dropped 0.355% to 79.74. It touched a high of 79.97 and a low of 79.73 after opening at 79.92. (21:14 ET)

World commodity prices gains on Wednesday with the increase in Reuters Jefferies CRB Index by 0.39%.