Market may edge higher in early trade

The market may edge higher in early trade tracking mostly higher Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 10 points at the opening bell. The market may remain volatile this week as traders roll over positions from the near-month May 2012 series to June 2012 series. The May 2012 derivatives contracts expire on Thursday, 31 May 2012 Tata Motors, ONGC, Steel Authority of India and Power Grid Corporation of India announce FY 2012 results today, 29 May 2012. Sun Pharmaceuticals Industries announces Q4 results today, 29 May 2012. Coal India announced after market hours on Monday that consolidated net profit fell 4.91% to Rs 4013.41 crore on 31.91% growth in total income to Rs 21746.94 crore in Q4 March 2012 over Q4 March 2011. Net profit jumped 36.07% Rs 14788.20 crore on 26.95% growth total income to Rs 69952.33 crore in the year ended March 2012 over the year ended March 2011. Neyveli Lignite Corporation announced at the fag end of the trading session on Monday that net profit rose 3.19% to Rs 605.21 crore on 30.63% growth in total income to Rs 1823.87 crore in Q4 March 2012 over Q4 March 2011. Steel Authority of India has signed a 50:50 joint venture agreement with Burn Standard Company (BSCL) at Kolkata for setting up a Wagon Components Manufacturing Facility at the premises of BSCL at Jellingham, Purba Medinipore district, in West Bengal, with a capacity to produce 10,000 bogies and 10,000 couplers per annum. The estimated capital outlay for the project is about Rs 200 crore. Key benchmark indices surged on Monday, 28 May 2012 as world stocks rose after opinion polls in Greece showed a lead for a party favoring the country's economic bailout in upcoming elections and amid expectations for a policy stimulus in China to support growth. The BSE Sensex jumped 199.02 points or 1.23% to settle at 16,416.84, its highest closing level since 10 May 2012. Foreign institutional investors (FIIs) bought shares worth a net Rs 108.89 crore on Monday, 28 May 2012, as per provisional figures. The Q4 March 2012 earnings season is drawing towards a close. Investor focus is on the guidance provided by the management for the year ending March 2013 (FY 2013) to gauge the earnings outlook. GAIL (India) and DLF unveil Q4 results tomorrow, 30 May 2012. Mahindra & Mahindra (M&M) and Jaiprakash Associates unveil FY 2012 results on the same day. On macro front, the Q4 March 2012 gross domestic product (GDP) data due on Thursday, 31 May 2012, could provide cues on the Reserve Bank of India's likely policy stance at its mid-quarter policy review due on 18 June 2012. The Indian economy expanded 6.1% in the October-December quarter from a year earlier, the weakest pace of expansion in more than two years, hurt by slower growth in manufacturing output and a contraction in mining production. India is jostling for space in energy-rich Myanmar, signing as many as 12 bilateral agreements Monday. The agreements signed by a delegation led by Prime Minister Manmohan Singh covered areas as diverse as air services and agriculture. Mr. Singh's three-day visit underscores India's "Look East" policy to deepen ties with countries in Southeast Asia and East Asia, including South Korea, Japan and Vietnam, as well as continue its search for oil and gas supplies to fuel its growing economy. Asian stocks were mostly higher on Tuesday. Key benchmark indices in China, Hong Kong, Taiwan and South Korea were up by 0.12% to 2.21%. Key benchmark indices in Indonesia, Singapore and Japan fell by between 0.07% to 0.6%. US markets were closed for the Memorial Day holiday on Monday.