March 7, 2010

BSE Sensex Seen Opening Up on Strong Asia

The BSE Sensex is expected to start higher on Monday, taking cues from Asian stocks that rose as encouraging U.S. job and consumer data reinforced views the world's largest economy is recovering.

"The positive momentum in the market should continue in the near term," said K.K. Mital, head of portfolio management services at Globe Capital, in New Delhi. "Foreign fund flows into the market continues to be strong."

Reliance Industries will be watched after sources told Reuters the energy major has leased about 1.2 million barrels of clean storage at the Borco Terminal in Bahamas as it seeks to increase its presence in the U.S.

State-run explorer Oil and Natural Gas Corp said after market hours on Friday its overseas arm has made two new oilfield discoveries in a block in northeastern Syria.

The MSCI's measure of Asian markets other than Japan was up 1.5 percent by 0310 GMT, while Japan's Nikkei climbed 1.8 percent.

The Nifty Indian Stock Market futures in Singapore were up 1.2 percent, pointing to a higher open in the domestic market.