A higher opening is likely for the Indices whixh may be facing resistance a bit too soon. Global cues are mostly positive. Dow Jones added 0.31%, S&P 500 rose 0.45% while Nasdaq ended half a percent higher. Asian markets are mixed. Japan's Nikkei 225 is in the red while Hong Kong's Hang Seng index and China's Shanghai index are trading marginally higher.
A swinging day in a narrow band may see action shifting to side counters. Greece is back in the news and for the right reason perhaps. It has made a crucial payment to the International Monetary Fund. Athens said the 460 million euros ($497 million) payment has been scheduled.
China has moved to prop up its struggling iron ore industry by slashing taxes, potentially expanding a global glut and undermining a strategy by mega miners to drive out high-cost competitors, says a report. Brazil's Vale and Australian miners Rio Tinto and BHP Billiton have sought to drive out higher cost and less efficient miners in China, to make way for a flood of new production.
Hyderabad special court has announced a 7-year term for Satyam's chief Ramalinga Raju, along with a fine of Rs. 25 lakh, after he was found guilty in one of India's largest corporate scandal, Rs. 14,000-crore Satyam Computers scam in 2009. CBI found all accused guilty of conspiracy and criminal charges in the Satyam scam case. All 10 accused have been convicted of almost all charges, said prosecutor K. Surender outside the court. Raju has been faced charges of forgery, criminal conspiracy and breach of trust.The CBI, who is handling the case, claimed that Satyam scam caused Rs. 14,000 crore loss to Satyam shareholders. Satyam Computers has since been liquidated and the entity now merged with Tech Mahindra.
SBI has revised the interest rate on bulk deposits after the RBI decided to maintain status quo on policy rates.