Pre Session- Sensex may open higher on firm global cues Analysis for Jun 28, 2012

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The key domestic benchmarks are likely to open on a positive note tracking firm cues from their Asian peers. Asian markets rose on Thursday as robust US economic data signaled a pickup in economic recovery in the world's largest economy. Stocks rose after a report showed that more than estimated Americans signed contracts to buy previously owned homes in May 2012, a sign that the US housing market is on the mend .The index of pending home resales in the US rose 5.9 per cent to 101.1 in May 2012 from the previous month. Sentiment was boosted further after a report showed that orders for US durable goods rose 1.1 per cent in May 2012 from the previous month, the first increase since February 2012, signaling a pickup in the world's largest economy. Markets also rallied on speculation that China, the second largest global economy may bolster stimulus to spur growth. The MSCI Asia Pacific Index added 0.8 per cent as of 9:56 a.m. in Tokyo. Shanghai Composite was up 0.24 per cent, Hang Seng was up 0.27 per cent and Nikkei 225 was trading higher by 0.95 per cent at 07:51 AM IST. The firm closing of the US stock markets on Wednesday may also bolster domestic sentiment during early trade. All eyes will be on the EU summit which begins in Brussels today. On the domestic front, the expiry of the June F&O contracts may cause some volatility.

The key domestic benchmarks ended on a positive note on Wednesday tracking firm global cues. The Sensex traded range-bound for most of the session ahead of the June F&O expiry on Thursday. Apart from firm global cues, stocks rose on optimism that the government may step up investments in projects to boost growth in Asia's third largest economy. The Sensex witnessed a gap up opening amid firm Asian market cues, but pared some gains in late trade amid selling in auto and oil& gas stocks. Asian markets ended higher on Wednesday amid speculation that China may bolster stimulus to spur growth in Asia's largest economy. Globally, investors are eying the crucial EU summit beginning on Thursday where leaders will look to resolve Europe's deepening debt turmoil that threatens to engulf the entire world economy.

The BSE SENSEX closed at 16,967.76, up by 61.18 points or by 0.36 per cent and the NSE Nifty ended at 5,141.9, up by 21.1 points or by 0.41 per cent. The BSE Sensex touched intraday high of 17,029.27 and intraday low of 16,930.8. The NSE Nifty touched intraday high of 5,160.1 and intraday low of 5,129.25. Meanwhile, the BSE MIDCAP closed at 6,051.5 up by 21.41 points or by 0.36 per cent, while the BSE SMLCAP ended at 6,444.39, up by 20.34 points or by 0.32 per cent.

US stock markets ended higher on Wednesday as better than expected US housing and durable goods orders data and speculation that China may bolster stimulus lifted sentiment. Stocks rose after a report showed that more than estimated Americans signed contracts to buy previously owned homes in May 2012, a sign that the US housing market is on the mend. The index of pending home resales rose 5.9 per cent to 101.1 in May 2012 from the previous month. Sentiment was boosted further after a report showed that orders for US durable goods rose 1.1 per cent in May 2012 from the previous month, the first increase since February 2012, signaling a pickup in the world's largest economy. Energy and Financials gained 1.9 per cent and 1.2 per cent, respectively.

The Dow Jones Industrial Average ended up 0.74 per cent or 92.34 points at 12.627.01, Nasdaq closed up 0.74 per cent or 21.26 points at 2,875.32 and S&P 500 closed up 0.90 per cent or 11.86 points at 1,331.85.

On Wednesday, the FII's stood as net buyers in equity but net sellers in debt. Gross equity purchased was Rs 1,474.40 crore and gross debt purchased stood at Rs 943.20 crore. Gross equity sold was Rs 1,388.20 crore and gross debt sold stood at Rs 1,116 crore. Net investment in equity and debt was Rs 86.20 crore and Rs (172.80) crore respectively.

Top traded volumes on the NSE Nifty were Jaiprakash Associates Ltd. 118,77,542, Tata Motors Ltd. 92,52,334, Sterlite Industries (India) Ltd. 73,02,060, Infrastructure Development Finance Company Ltd. 65,00,449 and Hindalco Industries Ltd. 44,86,403.

On NSE, total number of shares traded was 53.59 crore with a total turnover of Rs 8,002.48 crore.

In the NSE F&O segment, total number of contracts traded in index futures was 496,119 with a total turnover of Rs 12,201.12 crore and total number of contracts traded in stock futures stood at 857,025 with a total turnover of Rs 21,340.08 crore. Total number of contracts traded in index options was 43,07,531 with a total turnover of Rs 110,559.13 crore and total number of contracts traded in stock options was 155,575 with a total turnover of Rs 4,304.06 crore.

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