Sensex opens 72 points up

Similarly,the wide-based National Stock Exchange index Nifty moved up by 19.85 points,or 0.39 per cent,to 5,123.70.

8220;Like other countries,we too allowed the fiscal deficit to expand after 2008 to impart a stimulus. We are now focussing on reversing the expansion. This will require tough decisions,including on controlling subsidies,which we are determined to take,8221; Singh had said while addressing leaders of the G-20 nations in Mexico.

Besides,a firming trend on Asian bourses following overnight gains at the US market on hopes that the Federal Reserve would announce measures to stimulate the world8217;s biggest economy,also influenced the sentiment,traders said.

In the Asian region,Japan8217;s Nikkei was up by 0.96 per cent,while Hong Kong8217;s Hang Seng index gained 0.64 per cent in early trade. The US Dow Jones Industrial Average ended 0.75 per cent higher in yesterday8217;s trade.

Pre-Open: Sensex,Nifty stocks to watch

GLOBAL MARKETS

The near-month derivative contract for India8217;s NSE index at Singapore Exchange rose 0.2 percent,while the MSCI Asia-Pacific ex-Japan also advanced 0.4 percent.

Asian shares rose on Wednesday and the euro clung to most of the previous session8217;s gains as investors bet that Europe8217;s worsening debt crisis and faltering global growth will prompt major central banks to launch a new round of monetary stimulus.

US stocks rose on Tuesday on hopes that the Federal Reserve will agree to extend stimulus measures as the economy struggles to recover and the euro zone8217;s debt crisis gets worse.

FACTORS TO WATCH

India8217;s refinery oil sales. 0230 GMT

Allcargo Logistics8217; board meet to consider and approve a proposal for a share buyback.

Lloyds Steel Industries8217; board meet To consider Issue of Equity Shares on preferential basis.

INDIAN STOCKS TO WATCH

ENERGY/COMMODITIES

India8217;s competition watchdog may slap a fine of about 30 billion rupees on top cement companies,ruling them guilty of forming a cartel and fixing prices in an order expected in a few days,official sources said.

The Prime Minister8217;s Office PMO has called a meeting on Wednesday to revive the contentious issue of imposing duty on foreign power equipment in the country,according to three people familiar with the development.

Bharat Light and Power,Tejpreet Chopra,and the Hyderabad-based Mytrah Energy are in the race to buy real estate firm DLF8217;s wind power business for around 10 billion rupees,according to sources familiar with the developments.

DLF,the country8217;s largest real estate company,might offload stake in the Nagpur Information Technology Special Economic Zone after September,in the second round of fund-raising from non-core asset sales,according to unnamed sources.

India8217;s Bharat Petroleum Corp has made its first payment for Iranian oil in rupees,two industry sources said on Tuesday,becoming the first refiner to use a payment channel that skirts tightening Western sanctions on Iran8217;s trade.

The government has allocated 116 mines to Coal India for expansion to help it boost production capacity.

ONGC Videsh Ltd,the overseas arm of Oil and Natural Gas Corp,is looking to sell a 50 per cent stake in its Cuban offshore blocks,a source privy to the development said.

Jindal Steel amp; Power is likely to exit from a three-year long race for listed Australian coal explorer Rocklands Richfield,following an aggressive bid by China8217;s Linyi Mining Group,a person aware of the details said.

Welspun Energy is in talks with renewable energy funds to sell a small stake in the company and raise 150-200 million for investments in wind energy farms,people close to the development said.

FINANCIAL/REGULATORY

A finance ministry panel looking into the controversial General Anti-Avoidance Rules GAAR would finalise its report by August after taking on board concerns of foreign institutional investors FIIs and other stake holders.

Max India is likely to split its financial and healthcare businesses into separate entities as part of a restructuring process,a person familiar with the development said.

TELECOM

Norway8217;s Telenor could exit India if licence prices at an upcoming auction prove expensive,the head of the mobile phone operator8217;s Asian operations said on Tuesday.

Vodafone India plans to cuts 3G mobile data prices by 80.

OTHER FACTORS TO WATCH

Indian debt/FX factors to watch

Euro dips,losses limited before Fed decision

Brent slips under 96,Fed eyed Foreign institutional investor flows

For closing rates of Indian ADRs