Sensex set for a positive opening; IIP eyed

The Indian indices are likely to begin the trade with some gains led by supportive global cues. IIP data for April will be in focus

Headlines for the day:

FinMin to pare growth forecast to 8.75%

Maruti strike threatens to engulf Manesar auto hub

BSE allows trading in 135 more stocks in F&O

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Events for the day:

Major corporate action

IIP data for April 2011 to be announced today
Ex-date for final dividend of Birla Corporation, Dhanlaxmi Bank
Ex-date for dividend of ITC, Bata India
For more events and news, log on to Sharekhan.com

Pre-market report

Indian indices

The Indian markets have been directionless over the past few sessions as it seemed to be waiting for some trigger on the either side. The markets have remained locked in a very narrow range and may continue its see-saw trend until any improvement is seen in the sentiment. One should wait for the markets to break out of the current range.

Today the markets are expected to witness a bounce in the opening trade with the help of good global cues. Investors will be eyeing Index of Industrial Production ( IIP) numbers for the month of April 2011 slated to be released today, which could be a trigger for the markets. IIP growth is seen at 5.1% in April and is likely to be seasonally softer and may indicate slowdown.

Daily trend of FII/MF investment in equities

The FIIs have purchased Indian stocks to the tune of Rs174.80 crore on June 09, 2011 as compared to net buy of Rs36.30 crore on June 08, 2011. The domestic investors have bought Indian shares worth a net of Rs21.50 crore on June 08, 2011.

Global signals

The European shares rose sharply on Thursday (June 09, 2011), bouncing from six days of losses as investors snapped up beaten-down stocks, notably those related to commodities.

The Wall Street ended higher for the first time in over a week on Thursday, with the Dow and the S&P 500 rising 1% at one point, but many analysts saw the rebound as short-lived.

All the Asian stocks were mixed in trade on Friday (June 10, 2011). SGX Nifty was trading mere four points lower.

Commodity cues

Crude oil increased to a one-week high on Thursday after OPEC’s failure to reach an accord on output targets for the first time in at least 20 years.