Markets set for a firm start

Looking at the positive global picture, the Indian markets are expected to begin on a firm note

Headlines for the day:

Bill may exclude a cap on subsidiaries: Govt

Honda recalls City cars to replace faulty engine part

Essar likely to buy Shell's UK refinery for $350 million



Events for the day:

Major corporate action

Ex-date for interim dividend of Coal India
For more events and news, log on to Sharekhan.com

Pre-market report

Indian indices

The Indian markets sustained its gaining momentum, with the Sensex and the Nifty rising by 778 points (4.39%) and 236 points (4.44%) respectively till now in this week.

The overseas markets' outlook is broadly positive, which may lead the Indian markets to get a positive start. The overall market sentiments look bullish, so one can expect a firm weekly closing.

Moving on, we are now heading closer to the budget, which is likely to give necessary direction to the markets.

Daily trend of FII/MF investment in equities

The FIIs have bought Indian stocks worth a net of Rs175.60 crore on February 17, 2011 as compared to the net sell of Rs228.20 crore on February 15, 2011. The domestic investors have bought Indian shares worth a net of Rs253.70 crore on February 11, 2011.

Global signals

The European markets hovered near a 29-month closing high on Thursday (February 17, 2011) after strong US manufacturing data helped offset a rise in inflation and weekly jobless claims, against a backdrop of mixed corporate earnings.

The US markets ended higher after a strong manufacturing report overshadowed a bigger than expected rise in the number of people applying for unemployment benefits.

The Asian markets were trading higher except Shanghai Composite. Japanese Nikkei revered initial losses and extended a four-day winning streak. SGX Nifty was trading 14 points higher, suggesting for a positive opening for the Indian markets.

Commodity cues

Crude oil prices rose sharply as Egypt-style protests in oil-producing regions kept the potential for supply disruption in focus. Crude for March delivery rose by $1.37, to settle at $86.36 a barrel.