8:15AM U.S. stock futures predict flat opening ahead of inflation data.
U.S. stock futures indicated a flat opening Thursday, with investors eagerly awaiting economic readings on inflation. The Labor Department is due to release its producer price index, which analysts expect to show a 0.5% increase, compared to 0.7% in April. Economists predict the core PPI, which excludes food and energy prices, will advance 0.2% as it did in April. The consumer price index is scheduled to come out on Friday.
Among pre-market highlights, United Technology (
UTX: chart) lost 0.2% after it lifted its quarterly dividend 21% to 32 cents a share. Computer Sciences (
CSC: chart) dropped 1% in the pre-open after its fiscal 2008 outlook fell short of analyst expectations. Of companies in focus, Goldman Sachs (
GS: chart) and Bear Stearns (
BSC: chart) are expected to report quarterly earnings.
The yield on the benchmark 10-year Treasury note hovered around 5.20% early Thursday, compared with 5.21% late Wednesday. Dow futures expiring in September rose 1, or 0.01%, to 13,606, while Standard & Poor's 500 index futures rose 0.10, or 0.01%, at 1,530.30. Nasdaq 100 index futures advanced 3.75, or 0.19%, to 1,941.00.
7:30AM NY-6:30PM Mumbai Sensex surges 201 points in a broad-based rally Thursday.
The
Sensex on BSE finished 200.69 points, or 1.43%, higher Thursday, at 14,203.72.
The market-breadth was very strong as there were more than two advancers for every decliner. For 1,692 stocks which advanced, 781 stocks declined and only 88 stocks were unchanged. Of the 30 stocks in the Sensex, only four declined, while all the rest advanced. The turnover on BSE was Rs 4,402 crore, higher than Rs 4,189 crore on Wednesday.
Economic news
The strike at Indian, a state-run airline, was called off on Thursday after it continued for three-day. An agreement between the union of ground staff and the management was arrived at, making it possible for the resumption of normal flight operations.
The government may help exported hurt by the rise of the rupee. The government is to offer a special relief package which would include duty exemption pass book credit rates from service rates, a cut in insurance premium and lower export credit rates.
Trading highlights
Time Technoplast was the most-active stock with a turnover of Rs 248 crore followed by ICRA and Unitech.
Advancers
HDFC led the advancers, surging 4.2% to Rs 1,825. The stock advanced as the chairman of the bank hinted at possible increase in interest rates after two to three months. Reportedly, HDFC realty fund has bought 10% equity of Pune based housing and construction company Paranjape Schemes for a total value of Rs 74 crore.
Cement stocks surged on a report that the cement shortage that is troubling India will not be solved any sooner than 2009, which fact contributes to the high prices of cement. Cement large-cap ACC gained 3.4% to Rs 825, while Grasim rose 3% to Rs 2,432.
Tata Steel rallied 3.2% to Rs 614 and BHEL surged 2.9% to Rs 1,349. IT stocks advanced on steady buying. Satyam Computers gained 0.4% to Rs 488, Infosys added 1.9% to Rs 2,020, Wipro rose 0.4% to Rs 532 and TCS advanced 0.1% to Rs 1,204.
Engineering & Construction major L&T advanced 2.8% to Rs 1,923 on news that it intends to unite all its businesses under 15 divisions from the present 6 business divisions. Other gainers included Hindalco which settled up 2.3% at Rs 164. Dr.Reddy''s and SBI gained around 2% each to Rs 640 and Rs 1,314, respectively. Gujarat Ambuja and Ranbaxy added 1.7% each to Rs 111 and Rs 370.
Index heavy Reliance Industries gained 1.4% to Rs 1,696 on 5.79 lakh shares. Reliance announced yesterday, June 13 2007, that its Jamnagar refinery was functioning normally and output was as planned.
Decliners 
