Sensex opens 151 points up

The wide-based National Stock Exchange index Nifty also moved up by 47.35 points,or 0.95 per cent,to 5,022.15.

Brokers said emergence of buying by funds and retail investors as stocks value turned attractive after recent losses helped trading sentiments to improve.

In addition,marginally recovery on the other Asian bourses,too,had a positive impact on the trading sentiments here,they said.

In the Asian region,Japan8217;s Nikkei up by 0.22 per cent,while Hong Kong8217;s Hang Seng index was down marginally by 0.15 per cent in early trade. The US Dow Jones Industrial Average ended 0.75 per cent lower in yesterday8217;s trade.

Pre Open: Sensex to watch

GLOBAL MARKETS ROUNDUP

Asian shares edged higher,though sentiment was weak on mounting worries about the health of Spanish banks while deepening political chaos in Greece seemed to put the country at risk of insolvency and a euro exit.

US stocks fell for the fifth day in six on Wednesday as investors kept their focus on the turmoil in Europe,but news that Greece will receive its latest debt bailout payment helped cut losses late in the session.

KEY EVENTS TO WATCH

The automobile industry body releases sales figures for April,with volumes likely to be flat compared with a year. 0530 GMT

India8217;s top power producer NTPC Ltd will report March-quarter results. Analysts expect profit to drop 7 percent from a year ago.

Other Jan-March earnings: Cadila Healthcare,Cipla,Escorts,Jubilant Foodworks ,Jain Irrigation Systems and Sintex Industries.

INDIAN STOCKS TO WATCH

FINANCIAL

India8217;s central bank eased restrictions on the usage of foreign currency deposits on Wednesday,just days after its move to relax the interest rate ceiling on such deposits. The Reserve Bank of India has allowed banks to use funds from foreign currency non-resident deposits as collateral against lending to related local residents.

Vodafone Plc said on Wednesday it is disappointed the Indian government has not proposed changes to address uncertainty over a retrospective tax legislation,and it will take all possible steps to safeguard shareholders interest.

ICICI Bank raised foreign currency deposit rates by upto 175 basis points,effective May 8. It raised rates for 1 to 2 year tenure by 75 basis points and for 3 to 5 year tenure by 175 basis points.

India8217;s Tata Motors Finance Ltd plans to raise at least 2 billion rupees 37.17 million via two and three-year bonds at 10.40 percent per annum interest,two sources with knowledge said on Wednesday.

ENERGY/COMMODITIES

NTPC,which reports earnings later in the day,has pushed back the closing date of its 5 million tonne thermal coal tender until May 23,traders said.

Reliance Industries RIL raised 2 billion via a 13-year loan to finance goods and services procured from German suppliers as part of its expansion projects.

India8217;s monsoon rains are expected to arrive nearly on time,a former government forecaster said on Wednesday,adding to hopes of another drought-free year which would enable the major crop producer to continue its liberal export policy.

Hindustan Petroleum Corp aims to sign its first-ever annual import deal to buy 10,000 barrels per day bpd of oil from Azerbaijan8217;s national oil company SOCAR,a source with knowledge of the deal said.

Mangalore Chemicals and Fertilisers Ltd reported a more than double March-quarter net profit at 208.7 million rupees,net sales of 10.15 billion rupees.

PHARMA

India8217;s main drug regulator has not been properly scrutinising some drugs before approving them,and some of its officials are colluding with drug firms and medical experts to circumvent procedure,according to a new parliamentary report.

OTHER FACTORS TO WATCH

Indian debt/FX factors to watch

Australian dollar rises after upbeat jobs data

Brent rises on Greece bailout payment,technicals

Foreign institutional investor flows

For closing rates of Indian ADRs