Sensex to open higher

Headlines for the day
Jay Shree Tea close to buying Uganda Firm - DNA Money
L&T, NPCIL to ink pact for Rs2k crore venture today - DNA Money
Spice Mobile to set up unit to make handsets - Business Line
ONGC close to big oil find - Business Standard
B K Birla firm close to buying tea estate in Africa - Business Standard
Events for the day
Major corporate action:
· Nil
Pre-market report
Global signals
· The European stocks that opened weak on Friday due to concerns over the Dubai debt closed with gains of over 1% as the banks leads the surge.
· The major US indices fell sharply by over 1.5% each on the back of Dubai’s debt default
· Today, the major Asian indices recovered part of its losses of Friday and opened green with the gains in the range of 0.70%-3.41% each. However Straits Times bucked the trend and fell by 1.87%. While at the time of writing this report, SGX Nifty was trading 47 points higher.
Indian markets
· The positive Asian cues will help the domestic indices to open with decent gains and trade higher, volatility to continue.
· Among the local indices, the Nifty could test the 5000-5050 range on the up side, while on the down side it could find support at 4920 and 4900. The Sensex is likely to get support at 16600 and may face resistance at 17000.
Indian ADR's
· Among the Indian ADRs trading on the US bourses, all the ADRs closed in the red with heavy losses in the range of 0.5%-7.53% each, except for VSNL that rose substantially by 2.47%.
Commodity cues
· In the commodity space, the Crude oil prices slipped sharply, with the Nymex light crude oil for January 2010 series falling by $3.06 to settle at $74.90 a barrel.
· In the metals space, the Comex Gold for February 2010 series declined by $12.60 to settle at $1176.00 a troy ounce, while Comex Silver for December series fell by $0.47 to settle at $18.34 to a troy ounce.
Daily trend of FII/MF investment in equities
· On November 27, 2009, FIIs were the net buyers of the Indian Stocks in the tune of Rs306.10 crore (with the gross purchase of Rs2935.20 crore and gross sales of Rs2629.10 crore).
· While the Domestic mutual funds mutual funds, on November 26, 2009, were the net sellers of the stocks in the tune of Rs257.50 crore (with gross purchase of Rs1015.40 crore and gross sales of Rs1272.90 crore).