Sensex opens 65 pts down

The wide-based National Stock Exchange index Nifty also moved up by 18.15 points,or 0.36 per cent,to 4,947.05.

Brokers said emergence of buying by funds and retail investors at existing lower levels amid a firm trend in Asian markets and hopes of easing inflation data,to be released today,helped the trading sentiment to improve.

In the Asian region,Hong Kong8217;s Hang Seng Index rose by 0.07 per cent,while Japan8217;s Nikkei index was up by 0.10 per cent in the morning trade.

Preopen: Sensex to watch

GLOBAL MARKETS ROUNDUP

Asian shares eased on Monday as investors saw more reasons to cut risk after talks in Greece to form a new government failed,a German vote pointed to growing opposition to austerity steps and China took further steps to support its fragile growth.

Shares of US banks slumped on Friday after JPMorgan said it lost billions of dollars on bad trades,but the overall market ended only modestly lower,thanks to gains in technology shares.

KEY EVENTS TO WATCH

India8217;s Inflation data for April 0630 GMT. The median consensus from a survey of 27 economists forecast the wholesale price index,India8217;s main inflation gauge,rose 6.70 percent in April versus a year ago.

Jan-March earnings: Larsen amp; Toubro,Adani Ports and Special Economic Zone,Adani Power,SREI Infrastructure Finance,Eicher Motors

INDIAN STOCKS TO WATCH

FINANCIAL / REGULATORY

Indian firms are being squeezed by rising input costs and cooling demand,resulting in a slowdown in earnings and revenue growth compared to recent quarters.

Indian banks sought to restructure 645.3 billion rupees 12 billion in corporate loans in the fiscal year that ended in March,up 156 percent from a year earlier,according to data from the Corporate Debt Restructuring Cell CDR.

ENERGY/COMMODITIES

State-run oil marketing firms Indian Oil,Hindustan Petroleum and Bharat Petroleum plan to raise petrol prices by 8 rupees per litre after the end of the budget session of Parliament this month.

Steel Authority Of India Ltd signed an agreement with Mongolian Mines Ministry to explore the development of mines and Steel manufacturing in Mongolia.

The Oil Ministry has refused permission to public sector oil companies to acquire Asian Development Bank8217;s stake in Petronet LNG Ltd to keep the nation8217;s largest liquefied natural gas importer as a private company.

Essar Oil reported a March quarter net loss at 5.15 billion rupees versus a net profit of 3.21 billion rupees a year ago,while its net Sales fell to 175.14 billion rupees from 133.15 billion rupees.

Promoters of sugar companies are consolidating their holdings,taking advantage of the current low valuations in a cyclical industry.

PHARMA / HEALTHCARE

Global drugmakers could face new U.S. scrutiny after a report from lawmakers in India alleged abuses in that country8217;s drug approval process,lawyers familiar with such investigations said.

AUTOS

Luxury car maker Jaguar Land Rover JLR,owned by Tata Motors Ltd,will spend an additional 1 billion pounds 1.62 billion with UK suppliers over the next four years,the company said,as strong global demand for its Range Rover Evoque model continues.

Ashok Leyland Ltd has reduced the prices of its commercial vehicles by 1 percent with immediate affect,the Indian automaker said in a statement,after a recent decrease in excise duty on chassis by the same amount.

TELECOMS

India8217;s telecoms regulator on Sunday reaffirmed most of its proposed rules for an auction of mobile airwaves,including a steep base price for bids,despite howls of protests by carriers in the world8217;s second-biggest mobile phone market.

INDUSTRIAL

Engineering and capital goods companies may be forced to compromise on their margins to bag orders in the current fiscal,annual results of a few big firms for the year ended March suggest.

OTHER FACTORS TO WATCH

Indian debt/FX factors to watch

Euro hits 4-month low on Greece uncertainty

Oil dips as China data outweighs US consumers

Foreign institutional investor flows

For closing rates of Indian ADRs