Positive start likely on global support

Today’s opening for the Indian markets is likely to be on a positive note on account of supportive global cues. SGX Nifty is trading 49 points higher. Events for the day: Ex date for dividend issue of HSIL, Valecha Engineering. Ex date for final dividend of Bharat Electronics, Blue Chip Tex Industries and Nila Infrastructures. Headlines for the day: RIL becomes Dubai Mercantile Exchange member. IOC's credit quality weakening due to under recoveries: Moody's. IDBI Bank, OBC cut interest rate on home loans by 0.25%. Indian Indices: The Indian markets may begin today’s trade in the green zone on supportive global cues. SGX Nifty is also trading 49 points higher. On Thursday (September 06, 2012), the Sensex closed at 17313, down by 127 points while the Nifty settled at 5238, rising by 12 points. Global Indices: Asian stock markets surged on Friday (September 7, 2012) after the European Central Bank outlined its bond-buying scheme to help calm the euro zone's debt crisis, while firm US data fed speculation of a strong jobs report later in the day. European shares rose on Thursday (September 06, 2012), after European Central Bank President Mario Draghi fulfilled market expectations and said the bank would launch an unlimited bond-buying program to ease pressure on sovereign borrowing costs. US stocks closed at multi-year highs on Thursday, with the S&P 500 ending at its highest level since the collapse of Lehman Brothers as investors hailed a new European bond-buying program aimed at stemming the region's debt crisis. Daily trend of FII/MF investment in equities: The FIIs have been the net sellers Indian stocks to the tune of Rs147.80 crore on September 05, 2012. The domestic investors sold Indian shares worth a net of Rs203.20 crore on September 05 2012. The data is as per the SEBI website. Commodity Cues: Oil prices settled higher but well off the day's peaks on Thursday, supported by a drop in US crude oil inventories, strong jobs data and the European Central Bank's announcement of a bond buying program.