Market may open higher on firm Asian stocks

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 33 points at the opening bell. Bajaj Auto announces FY 2012 results today, 17 May 2012. Marico said after market hours on Wednesday that it has allotted a total of 2.94 crore equity shares at Rs 170 per share on preferential basis to Indivest Pte., an affiliate of Government of Singapore Investment Corporation, and Baring India Private Equity Fund III Listed Investments. Indivest Pte was allotted 2.2 crore shares and Baring India Private Equity Fund III Listed Investments was allotted 73.52 lakh shares. Key benchmark indices slumped on Wednesday, 16 May 2012 after Greece failed to form a government, setting the stage for a June election that could raise the risk of Athens abandoning the euro and deepening the euro zone's debt crisis. The BSE Sensex tumbled 298.16 points or 1.83% to settle 16,030.09, its lowest closing level since 9 January 2012. Foreign institutional investors (FIIs) sold shares worth a net Rs 546.85 crore on Wednesday, 16 May 2012 as per provisional figures. FIIs sold shares worth Rs 184.28 crore on Tuesday, 15 May 2012. Monsoon rains are likely to hit the southern coast on time on 1 June 2012, the weather department said in a statement on Tuesday. The four-month long rainy season starts over the Kerala coast and covers the rest of India and neighbouring countries by mid-July. Last month, India's weather office forecast normal rains for the third straight year. It had said the country was likely to avoid a drought in 2012 as monsoon rains were likely to be average. The rains, vital for farm output and economic growth, irrigate about 60% of India's farmland. Farming accounts for about 15 percent of the nearly $2 trillion economy. Moody's Investors Service on Monday, 14 May 2012, downgraded to Baa3 from Baa2 the foreign currency insurance financial strength rating of the Life Insurance Corporation of India (LIC) -- India's biggest domestic institutional investor. The rating outlook is now stable. This revision takes place in the context of an ongoing global review affecting financial institutions whose ratings are higher than the rating of the government where they are domiciled, Moody's said. The RBI's monetary policy "has to act" even if inflation is driven by food prices, D Subbarao, the central bank governor, said on Wednesday, 16 May 2012. Inflation accelerated in April as prices of most commodities rose. The Wholesale Price Index (WPI) rose a faster-than-expected 7.23% in April from a year earlier, mainly driven by higher food prices and manufactured items, data released by the government on Monday, 14 May 2012, showed. However, there was a slowdown in price rises in the manufacturing sector -- a proxy for measuring price pressures excluding volatile food and fuel prices. The Reserve Bank of India next reviews monetary policy on 18 June 2012. The central bank will have May inflation and April industrial output data to study before then. Reserve Bank of India (RBI) deputy governor Subir Gokarn late last week said that inflation remains the RBI's main focus, but it has to be sensitive to various other risks and pressures facing the economy. His comments come in the backdrop of a surprise decline in industrial production in March 2012. The data was announced during trading hours on Friday, 11 May 2012. Mr. Gokarn also said that interest rates are likely to be headed downwards, but the pace and magnitude of the fall would depend on trends in growth and inflation. 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. State Bank of India, Tata Steel and Coal India unveil FY 2012 results tomorrow, 18 May 2012. Tata Power Company announces FY 2012 results on 22 May 2012. Bharat Heavy Electricals (Bhel) unveils Q4 results on 23 May 2012. ITC and BPCL unveil FY 2012 results on 25 May 2012. Sun Pharmaceuticals Industries announces Q4 results on 29 May 2012. Tata Motors, ONGC, Steel Authority of India and Power Grid Corporation of India announce FY 2012 results on 29 May 2012. GAIL (India) announces Q4 results on 30 May 2012. Mahindra & Mahindra (M&M) unveils FY 2012 results on 30 May 2012. Asian stocks were mostly higher on Thursday, one day after selloff on Wednesday. Key benchmark indices in China, Hong Kong, Singapore, Taiwan and South Korea were up by 0.12% to 0.77%. Key benchmark indices in Japan and Indonesia fell by between 0.17% to 1.61%. Greece on Wednesday put a senior judge in charge of an emergency government to lead the nation to its second election in just over a month on June 17, which will likely determine whether it remains in the common currency area. out of banks, weakening the country's strained financial system. Political developments in Europe have kept global equity investors sidelined this week, with Greece now headed back to the polls in June for an election which may eventually lead to its exit from the euro zone. Meanwhile, European Central Bank said it had stopped providing liquidity to some Greek banks that had not been recapitalized. U.S. shares ended lower Wednesday, with the Dow Jones Industrial Average languishing near a four-month low, as investors contrasted improved domestic data with heightened concerns about Greece's future membership in the euro zone. Minutes from U.S. Federal Reserve's most recent meeting showed policymakers kept alive the possibility of a fresh round of monetary stimulus for the moderately expanding economy. US output rose in April at its fastest pace in over a year, the Federal Reserve said. A separate report showed a rebound in groundbreaking for U.S. homes in April, suggesting the housing market recovery was gaining.