Market may open slightly higher

The market may edge higher in early trade as most Asian stocks rose. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 16 points at the opening bell.

Tata Steel on Monday said sales from its Indian operations rose 3.3% to 1.77 million tonnes in Q4 March 2012 over Q4 March 2011. The Indian operations account for about a quarter of the group's total annual global capacity of about 28 million tonnes, which includes unit Corus, Europe's second-largest steelmaker. The company's crude steel production in India rose 2.6% to 1.82 million tonnes in Q4 March 2012 over Q4 March 2011. Sales from the Indian operations rose 3.4% for the financial year ended March 2012 (FY 2012) to 6.63 million tonnes, helped by a 6% jump in sales of flat products, used in cars and consumer goods.



Jaiprakash Associates said after market hours on Monday that high court at Allahabad on 9 April 2012, has sanctioned the scheme of arrangement between Jaiprakash Associates (JAL) and Jaypee Cement Corporation (JCCL) whereby some units of JAL are hived off to JCCL in terms of the provisions of the said scheme.

Key benchmark indices fell for the second straight trading session to reach 1-1/2-week closing lows nearly on Monday, 9 April 2012 as weak Asian stocks and lower US index futures hurt sentiment. The BSE Sensex fell 263.88 points or 1.51% to settle at 17,222.14, its lowest closing level since 29 March 2012.

Foreign institutional investors (FIIs) sold shares worth Rs 269.43 crore on Monday, 9 April 2012, as per provisional data from the stock exchanges.

The next major trigger for the market is Q4 March 2012 and year ending March 2012 (FY 2012) earnings. Investors will focus on the guidance provided by the management for the year ending March 2013 (FY 2013) to gauge the earnings outlook.

IT bellwether Infosys announces Q4 March 2012 results on Friday, 13 April 2012. Lube oil major Castrol announces Q1 March 2012 results on 16 April 2012. Private sector bank HDFC Bank unveils FY 2012 results on 18 April 2012. HCL Tech unveils Q3 March 2012 results on the same day. ACC and Hindustan Zinc unveils quarterly results on 19 April 2012. IndusInd Bank reports FY 2012 results on the same day. Cairn India reports FY 2012 results on 20 April 2012. TCS unveils FY 2012 results on 23 April 2012.

ICICI Bank unveils FY 2012 results on 27 April 2012. Axis Bank and Siemens announces quarterly results on the same day. Maruti Suzuki India unveils FY 2012 results on 28 April 2012. Titan Industries, Godrej Consumer Products, Exide Industries and Dabur India unveil FY 2012 results on 30 April 2012. FMCG giant Hindustan Lever unveils FY 2012 results on 1 May 2012. Shree Cement unveils FY 2012 results on 15 May 2012. Housing finance major HDFC announces FY 2012 results on 7 May 2012. Colgate Palmolive (India) unveils FY 2012 results on 30 May 2012.

On the macro front, data on industrial production for February 2012 and that on inflation for March 2012 could provide cues on the central bank's likely policy stance at the monetary policy review for 2012-13 due on 17 April 2012.

The government will unveil industrial production data for February 2012 on Thursday, 12 April 2012. Industrial production grew 6.8% in January 2012, lower than 7.5% growth recorded in January 2011.

On Friday, 13 April 2012, the government will unveil data on inflation based on the wholesale price index (WPI) for March 2012. The annual rate of inflation, based on monthly WPI, stood at 6.95% (provisional) for the month of February, 2012 (over February 2011) as compared to 6.55% (provisional) for the previous month and 9.54% during the corresponding month of the previous year.

Asian shares were mostly higher on Tuesday ahead of Chinese trade data. Key benchmark indices in Indonesia, Japan, Singapore, Taiwan and South Korea rose by between 0.26% to 1.08%. Key benchmark indices in China and Hong Kong fell by between 0.42% to 0.97%.

US stocks closed sharply lower Monday on disappointing job growth in March. Markets were closed Friday, giving investors a long weekend to brood over the disappointing report.