Market may open flat to slightly higher.

Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 6 points at the opening bell. ICICI Bank unveils FY 2012 results today, 27 April 2012. Axis Bank, Jindal Steel & Power and Siemens also unveil quarterly results today, 27 April 2012. Banking stocks will be in focus as in a push to financial sector reforms, the Cabinet reportedly on Thursday cleared the much awaited Banking Law (Amendment) Bill. It approved a proposal to cap shareholders' voting rights in private banks at 26% irrespective of their total holding. To find common ground with the Opposition, the Cabinet diluted the provisions of an earlier legislation to increase entities' voting rights in proportion to their shareholding. Key benchmark indices registered small losses in a lacklustre trading session on Thursday, 26 April 2012 as traders rolled over positions in the derivatives segment from the near-month April 2012 series to May 2012 series. The BSE Sensex shed 20.62 points or 0.12% to 17,130.67, its lowest closing level since 23 April 2012. The stock exchanges are holding a special 1-1/2-hour trading session on Saturday, 28 April 2012, as the National Stock Exchange (NSE) is upgrading the capacity of its futures and options (F&O) trading system hardware and software to improve processing capability and handle increased activities in the market. Trading will start at 11:15 IST and end at 12:45 IST. Science and Technology Minister Vilasrao Deshmukh on Thursday, 26 April 2012, said that the country is likely to receive normal monsoon rains for the third year in a row, with the June-September rainfall expected to be 99% of the long-term average. But the possibility of El Nino weather conditions associated with below-normal rains can't be ruled out in the later part of the season. If El Nino does lead to reduced rains, it may prevent India from repeating the bumper harvests of summer-sown crops it recorded in 2010 and 2011 as rainfall distribution is critical for yields. The summer-sown crops in India include rice, oilseeds, pulses, sugar cane and cotton. The country is highly reliant on monsoons, as more than 60% of the country's farmland is rain-fed and the June-September monsoon season accounts for about 70% of the country's annual rainfall. Global crediting rating agency S&P said on Wednesday, 25 April 2012, revised its outlook on India's long-term rating to negative from stable, citing a slowdown in investment and economic growth and a widening in the current account deficit. This has resulted in a weaker medium-term credit outlook, the rating agency said. S&P affirmed its 'BBB-' long-term and 'A-3' short-term sovereign credit ratings on India. The negative outlook signals at least a one-in-three likelihood of the downgrade of India's sovereign ratings within the next 24 months, S&P said. High fiscal deficit and a heavy debt burden remain the most significant constraints on India's sovereign ratings, S&P said. Finance Minister Pranab Mukherjee on Wednesday said there was "no need for panic" after the rating agency Standard & Poor's downgraded the country's outlook from stable to negative on Wednesday. India is likely to pass some financial reforms in the current session of parliament, which started on Monday, he added. Investors are closely watching India Inc's Q4 March 2012 and year ending March 2012 (FY 2012) earnings. Focus is on the guidance provided by the management for the year ending March 2013 (FY 2013) to gauge the earnings outlook. Maruti Suzuki India unveils FY 2012 results tomorrow, 28 April 2012. FMCG giant Hindustan Unilever unveils FY 2012 results on 1 May 2012. Hero MotoCorp announces Q4 results on 2 May 2012. Bank of Baroda unveils Q4 results on 4 May 2012. Housing finance major HDFC announces FY 2012 results on 7 May 2012. Hindalco unveils Q4 results on 8 May 2012. Ranbaxy Laboratories will declare its Q1 March 2012 results on 9 May 2012. Dr Reddy's Laboratories announces FY 2012 results on 11 May 2012. Bajaj Auto announces FY 2012 results on 17 May 2012. BPCL unveils FY 2012 results on 25 May 2012. Asian shares were mixed on Friday as concerns over the health of European banks weighed on investor risk appetite after Standard & Poor's downgraded Spain's rating. Key benchmark indices in Hong Kong, Taiwan and South Korea rose by between 0.28% to 0.42%. Key benchmark indices in China, Singapore, Japan and Indonesia fell by between 0.11% to 0.26%. The focus turns to the Bank of Japan's monetary policy decision due later in the global day, with expectations running high for the central bank to take further accommodative steps. Standard & Poor's on Thursday cut its credit rating on Spain by two notches, citing expectations the government finances will deteriorate even more than previously thought as a result of a contracting economy and an ailing banking sector. U.S. stocks jumped on Thursday on strong U.S. housing data and earnings.