We act as though comfort and luxury were the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about. - Charles Kingsley

After shedding some gains for the last two days, the indices appear enthusiastic to clock some gains today. The Prime Minister will showcase the fourth and final report card of the UPA-II government where he is expected to list the achievements of the government. For a government which has been battling charges of corruption in recent years, this will be an attempt to bring about a positive image.

The market is set to open higher with global cues being supportive. US indices clocked gains after voices from the Federal Reserve indicated that the US central bank is not close to tapering its bond-buying program.

The initial public offer (IPO) of Just Dial IPO got subscribed 0.70 times on the second day .The IPO has received bids for 94,40,975 shares as against issue size of 1,35,60,533 shares.

In a major boost for IT stocks on Wednesday, US lawmakers reached a tentative deal to ease restrictions on U.S. technology companies from hiring highly skilled workers from abroad. 

Met Department announced monsoons are expected on time giving much needed hope to the agri-dependent nation. Monsoons are expected to reach Kerala coast by June 3.

According to reports, Over 15,000 MW gas-based capacity is stuck due to non supply of natural gas from RIL's KG basin. The total capacity of gas-based stations in India is 18,830 MW of which 15,529 MW is fed with gas from RIL, media reports said.

Dow, S&P 500 and Nasdaq clocked marginal gains. Asian stocks are in the green with Nikkei up 1.1%, breaching the 15,500 mark.

Hong Kong's Hang Seng was marginally higher while South Korea's Kospi index was up half a percent. China's Shanghai index was a tad lower.

Among others, investors will closely track earnings results of L&T. 

Oracle Financial services OFS is set to hit the market Wednesday. The software maker will offload 4.4 million shares worth Rs.10bn. 

JSW Energy is set to sell 28.2 million shares at a floor price of Rs 61.50, according to an exchange notification on Tuesday. The sale would be worth Rs 1.73 billion.

Inflation rate in UK came down to 2.4% in April, 2013. 

Rupee hit a fresh low of Rs. 55.41/$ Tuesday owing to dollar demand from oil importers.  







Results watch: L&T, Thermax, Torrent Cables, Zee Entert, Burnpur Cem, Chemo Pharma, Dhunseri Inv, DIAMONPOWER, Geojit Bnp, KEI Inds, Lakshmi Mach, Microse India, NCC, Orient Refractories, Poddar Pigm, Prakash Inds, Precision Cont, Rane Madras, Schneider Elec, Redington India, Subros, T D Power Systems, Suryalata Spin, Technocraft.

Trends in FII flows: The FIIs were net buyers of Rs6.79bn in the cash segment on Tuesday, while the domestic institutional investors (DIIs) were net sellers of  Rs8.66bn, as per the provisional figures released by the NSE.

The foreign funds were net buyers of Rs15.55bn in the cash segment on Monday, according to the SEBI figures.

Global Data Watch: European Council meeting EUR, Westpac Consumer Confidence (May) AUD, Westpac Consumer Confidence Index (May) AUD, BoJ Interest Rate Decision (May 22) JPY, BoJ Monetary Policy Statement  JPY, Bank of Japan Governor Kuroda Speech  JPY, Current Account s.a (Mar) EUR, Current Account n.s.a (Mar) EUR, Current Account (YoY) (Mar) EUR, Bank of England Minutes  GBP, Public Sector Net Borrowing (Apr) GBP, Retail Sales (YoY) (Apr) GBP, Retail Sales (MoM) (Apr) GBP, Retail Sales ex-Fuel (MoM) (Apr) GBP, Retail Sales ex-Fuel (YoY) (Apr) GBP, 10-y Bond Auction EUR, CBI Industrial Trends Survey - Orders (MoM) (May) GBP, 10-y Bond Auction EUR, 5-y Bond Auction EUR, Current Account Balance (Mar) EUR, MBA Mortgage Applications (May 17) USD, Retail Sales (MoM) (Mar) CAD, Retail Sales ex Autos (MoM) (Mar) CAD, Existing Home Sales Change (MoM) (Apr) USD, Existing Home Sales (MoM) (Apr) USD, Fed's Bernanke testifies  USD, EIA Crude Oil Stocks change (May 17) USD, FOMC Minutes  USD, Foreign bond investment (May 17) JPY, Foreign investment in Japan stocks (May 17) JPY

In other news in the media:

ONGC expects to recover approximately Rs1.2bn by farming out 35% stake to private sector operators in three exploratory coal bed methane assets. (BL)

Reliance Infrastructure said it was awaiting nod from government agencies to commence work on some stalled projects worth Rs200bn. (BS)

Dissatisfied with the performance of Steel Authority of India Ltd, Steel Minister asked the company to complete the expansion of projects within a short period of time so as to improve profitability. (BS)

Apollo Hospitals Enterprise Ltd plans to add 1,000 beds across seven locations in the current financial year, with an investment of about ~Rs4.5bn. (BS)

About 15,000- Mw gas-based capacity is stranded due to non- supply of natural gas from Reliance Industries’ Krishna- Godavari basin. (BS)

SpiceJet Ltd has restored its agents’ commission, days after withdrawing it. The airline informed travel agents it was restoring productivity- linked bonus with effect from May 1. (BS)

City Union Bank is planning to raise Rs6-7bn from abroad by 2016- 17 to meet its growth target. (BS)

Ranbaxy’s Japanese parent Daiichi Sankyo has no plans to change the name of the company or delist it from the stock exchange at the moment, despite the ‘Ranbaxy’ brand taking a beating after the company admitted to wrongdoing and agreed to pay US$500 million in fines in the US. (ET)

The board of JSW Ispat Steel, a subsidiary of JSW Steel, approved the proposed acquisition of the cement grinding facility of Heidelberg Cement India at Dolvi, which is adjacent to the company's steel plant. (ET)

Shree Renuka Sugars is looking to raise US$250-350mn through a bond sale by its Brazilian subsidiary, Renuka Do Brasil. (ET)

Coal India Ltd would exceed the production target of 482mn tons for this financial year, against production of 452mt in 2012-13. (BS)

The offer-for-sale issue of Omaxe was under-subscribed on Tuesday. The company received bids for only 3.398mn shares against a total of 5mn shares put on offer. (BL)

The Competition Commission of India has ordered a probe by its Director General (Investigation) into the alleged cartelisation of state-owned oil marketing companies for fixing petrol prices. (BS)

Lenders have decided to tweak the financial restructuring package (FRP) for Tamil Nadu Electricity Board (TNEB). According to the revised terms, the banks will now finance 100% of TNEB’s cash loss, as against 70% decided earlier, for the first year following a request by the state government. (BS)

TEN MOST ACTIVE FUTURES

TEN MOST ACTIVE OPTIONS

SUPPORT & RESISTANCE LEVEL