The key benchmark indices were flat to positive in noon trade, with some profit-taking emerging after recent strong gains. IT stocks fell. But FMCG socks rose. Index heavyweight Reliance Industries (RIL) rose moderately after the company announced investment in US shale gas acreage in south Texas. The market breadth was strong as buying was witnessed in mid cap and small cap stocks. The BSE 30-share Sensex was up 48.02 points or 0.27%, off close to 30 points from the day's high and up close to 55 points from the day's low. The market edged higher in early trade, tracking firm Asian stocks. Stocks soon extended gains. The market trimmed gains in mid-morning trade. The market may remain volatile today as traders roll over positions in the derivatives segment from the near-month June 2010 contracts to July 2010 contracts ahead of the expiry of the near-month June 2010 derivatives contracts today, 24 June 2010. Rollover in Nifty futures was a little over 54% at the end of Wednesday's (23 June 2010) trade. Rollover in Mini Nifty futures was a little over 55% and market-wide rollover stood at a little over 64%. Rollover has been high in GTL, India Cements, Aurobindo Pharma, United Phosphorus and Nagarjuna Fertilizers. Rollover is comparatively less in Infosys Technologies, Hindalco and GAIL India. On the macro front, the government will unveil data on some wholesale price indices for the year through 12 June 2010 viz. the food price index, the primary articles index and the fuel price index at about 12:00 IST today. Asian stocks rose for the first time in three days on Thursday led by mining companies after Australia's Prime Minister resigned over a proposed resource tax. The key benchmark indices in Japan, Singapore, China, Hong Kong, Indonesia, South Korea and Taiwan rose by between 0.05% to 0.55%. Japan on Thursday said that exports rose 32.1% in May from a year earlier to 5.3 trillion yen ($59 billion), marking the sixth month of year-on-year increase. Trading in US index futures indicated that the Dow could gain 16 points at the opening bell on Thursday, 24 June 2010. US stocks mostly fell in a volatile session on Wednesday after the Federal Reserve downgraded its assessment of the economic recovery as it vowed to keep cheap money flowing. The Dow Jones industrial average edged up 4.92 points or 0.05% to finish at 10,298.44. But the Standard & Poor's 500 Index dipped 3.27 points, or 0.30% to close at 1,092.04. The Nasdaq Composite Index fell 7.57 points, or 0.33% to close at 2,254.23. Sales of new US homes dropped a record 32.7% in May to the lowest level in at least four decades as the impetus from a popular tax credit faded, a report showed on Wednesday. At the end of a two-day policy meeting, the Federal Reserve in a statement scaled back its assessment of the pace of recovery in the world's largest economy, taking note of pockets of weakness, and also issued a cautionary note about volatile financial markets in light of Europe's debt woes. Fed in its monetary policy statement, suggested interest rates will remain near zero longer than expected. Back home, most Indian firms including Reliance Industries, L&T, Tata Steel and Tata Motors, have paid higher advance tax in Q1 June 2010 over Q1 June 2009. Higher advance tax payment normally indicates higher profits for the period under review. Advance tax payments by companies during the April-June quarter account for 15% of the total advance tax payable in the fiscal year. Investors will closely watch the progress of the monsoon rains. Annual monsoon rains, vital to the trillion-dollar economy's farm output and economic growth, were 9.4% below normal for June 1-22, the Met office said on Wednesday. At 11:20 IST, the BSE 30-share Sensex was up 48.02 points or 0.27% at 17,803.96. The Sensex rose 78.71 points at the day's high of 17,834.65 in morning trade. The Sensex fell 5.43 points at the day's low of 17,750.51 in early trade. The S&P CNX Nifty was up 14.60 points or 0.27% to 5,337.75. The BSE Mid-Cap index was up 0.6%. The BSE Small-Cap index was up 0.92%. Both the indices outperformed the Sensex. The market breadth, indicating the overall health of the market, was strong. On BSE, 1739 shares advanced while 705 shares declined. A total of 100 shares remained unchanged. From the 30-share Sensex, 22 stocks rose and rest fell. Index heavyweight Reliance Industries (RIL) rose 0.41% after company announced during market hours today that its subsidiary has entered into a joint venture with US based Pioneer Natural Resources Company under which RIL will acquire 45% interest in Pioneer's core Eagle Ford shale acreage position in two separate transactions. RIL will pay $1.31 billion for its implied share of 1,18,000 net acres. The transaction will include combined upfront cash payment of $263 million and deferred payments of $1.05 billion associated with a carry arrangement for 75% of Pioneer's and Newpek's capital costs over four years. India's largest car maker by sales Maruti Suzuki India fell 0.86% and was the top loser form the Sensex pack. India's largest engineering and construction company by revenue Larsen & Toubro rose 1.49% on bargain hunting after a two-day sharp slide. It was the top gainer form the Sensex pack. L&T announced during market hours on Tuesday, 22 June 2010 that it bagged Rs 827 crore orders for thermal power plant construction. The stock on Monday, 21 June 2010 hit a 52-week high of Rs 1,843.75. FMCG stocks rose on expectations that a normal monsoon this year will boost rural sales. Tata Tea, United Spirits, Marico and Hindustan Unilever rose by between 0.19% to 1.16%. India's largest cigarette maker by sales ITC rose 1.24%, extending recent gains. The stock hit a record high of Rs 307.50 today. The company's board of directors recently recommended liberal 1:1 bonus issue. IT stocks fell after the Federal Reserve downgraded its assessment of the economic recovery in US, the biggest market for Indian IT firms. India's largest IT exporter by sales Tata Consultancy Services fell 0.9%. India's second largest IT exporter by sales Infosys fell 0.3%. Its American depository receipt rose 0.26% on Wednesday, 23 June 2010. India's third largest IT exporter by sales Wipro rose 0.12%, with the stock recovering after a two-day slide. Its American depository receipt fell 0.69% on Wednesday, 23 June 2010. HCL Technologies fell 4.66% on market buzz a promoter company, HCL Corporation, will offload close to 1.5% stake in the open market today, 24 June 2010. Cable Corporation of India was locked at upper limit of 20% at Rs 31.40 on reports the company has forayed into the real estate sector with an investment plan of Rs 1000 crore for its first project. Bank of Baroda fell 1.38% after turning ex-dividend for a dividend of Rs 15 per share.

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