Markets may extend rally on global support

The Indian markets are expected to begin the session on a higher note on account of positive global cues. HDFC and Indusind Bank results will be eyed.

Headlines for the day:

SBI loans now costlier; deposits to earn more

GoM approves 26% profit-sharing for coal companies

JSW Steel to halt expansion of Vijayanagar unit

Major corporate action

Results: HDFC, Indusind Bank

Ex-date for special dividend of Jyoti Structures

Ex-date for final dividend of Hindustan Unilever, Pratibha Industries



Indian indices

The Indian markets have crossed crucial levels for the first time in two months. Owing to good expectations of earning season and positive global cues, the markets are expected to extend gains in today’s trade at the start.

HDFC and Indusind Bank will declare their first quarter earnings today; the market players will keenly watch the numbers.

The Sensex and Nifty have gained 232 points (1.23%) and 82 points (1.45%) so far in this week due to the strong foreign institutional investors ( FIIs) inflows.

Daily trend of FII/MF investment in equities

The FIIs have bought Indian stocks worth a net of Rs281 crore on July 07, 2011 as compared to the net buy of Rs419.50 crore on July 06, 2011. The domestic investors have bought Indian shares worth a net of Rs95.10 crore on July 06, 2011. The data is as per SEBI website.

Global signals

The European markets closed higher on Thursday (July 07, 2011) as better-than-expected US jobs data helped offset persistent concerns over how and when the eurozone debt crisis can be resolved.

The US markets closed higher on Thursday as improved labour market and retail sales data added to optimism a day before the critical June payrolls report.

The Asian markets were trading higher on Friday (July 08, 2011) after a strong private-sector jobs reading in the US boosted sentiment. SGX Nifty was trading 24.5 points up, indicating for a positive start on the Indian bourses.

Commodity cues

Crude oil prices surged on Thursday by the biggest percentage in two months, hitting a three-week high as US data on jobless claims and retail sales came in stronger than expected, raising hopes that economic recovery was gaining traction.