Gap-up opening likely; Quarterly GDP data eyed

Markets may begin the last session of the month in the green following positive Asian indices. India’s fourth quarterly gross domestic product (GDP) numbers will be released today.

Headlines for the day:

ONGC to move court on Rajasthan block royalty

Hindalco to start Utkal project before June 2012

HPL to invest Rs4,000 cr on eight projects in WB



Events for the day:

Major corporate action

Quarterly GDP numbers to be announced today
Ex-date for dividend of Punjab & Sind Bank
For more events and news, log on to Sharekhan.com

Pre-market report

Indian indices

Today, being the last session of the month, the market is likely to open on a positive note on account of gains in the Asian markets.

The investors may not take big bets and may opt to remain on the sidelines ahead of India’s fourth quarterly gross domestic product (GDP) numbers expected today.

The country's economic growth is likely to slip to 8% this fiscal from the estimated 8.6% in 2010-11, due to slowdown in agriculture and services, according to a survey by FICCI.

The market has been in a volatile mood for quite some time. The dismal fourth quarter results posted by companies and rampant macroeconomic issues are hindering market growth and hence, the market is unlikely to grow unless it finds a strong trigger to move upwards.

Daily trend of FII/MF investment in equities

The FIIs have bought Indian stocks worth a net of Rs253.70 crore on May 30, 2011 as compared to the net buy of Rs1,222.60 crore on May 27, 2011. The domestic investors have bought Indian shares worth a net of Rs286.40 crore on May 27, 2011.

Global signals

European markets closed lower on Monday (May 30, 2011) and are on track to end the month down as concerns over the euro zone debt situation weighed.

The markets in the US were closed on Monday on account of the Memorial Day holiday.

The Asian markets were trading higher. SGX Nifty was trading 20 points higher, indicating towards a positive start on the Indian bourses.

Commodity cues

Brent crude oil fell below $115 a barrel on Monday, heading for its first monthly decline this year, as investors weighed the prospect that Europe's debt crisis may slow demand.