The market is seen opening higher on firm Asian stocks. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 51 points at the opening bell. Asian shares rose on Friday, 17 February 2012, after US shares settled near four-year highs on Thursday, 16 February 2012, as lower US jobless figures outweighed lingering concern about a Greek default.

Reliance Industries (RIL) has reportedly shut a sixth well at its gas fields in the D6 block, off the country's east coast, due to water ingress, and any clarity on the likely output from these fields will emerge only by August 2012. RIL, the operator of the D6 block, had earlier shut five of 18 producing wells at D1 and D3 gas fields until December. The D6 field's current output is about 37 mmscmd.

Aviation stocks may edge higher on reports that the civil aviation ministry has asked commerce ministry to take the necessary steps to allow Indian carriers to directly import jet fuel.

Key benchmark indices snapped three-day winning streak on Thursday, 16 February 2012, on weak global shares. The BSE Sensex shed 48.42 points or 0.27% to 18,153.99.

Foreign institutional investors (FIIs) bought shares worth a net Rs 184.31 crore on Thursday, 16 February 2012, as per provisional data from the stock exchanges. FIIs have bought shares worth a net Rs 11611.84 crore in this month so far (16 February 2012), as per provisional data from the stock exchanges. The inflow this month comes on the top of heavy purchases last month. FIIs bought shares worth a net Rs 10357.70 crore in January 2012, as per data from Securities & Exchange Board of India (Sebi).

The wholesale price index (WPI) rose a slower-than-expected 6.55% in January 2012 from 7.47% rise in December 2011, government data showed on Tuesday, 14 February 2012. The annual reading for November 2011 was revised upwards to 9.46% from 9.11% reported earlier.

Finance Minister Pranab Mukherjee will present the annual budget for 2012/13 on 16 March 2012, while the railways budget will be presented on 14 March 2012. The budget session of parliament will start on 12 March 2012. The government will present on March 15 the Economic Survey for 2011/12, a document on the state of economy prepared by the economic division in the ministry of finance. The annual budget is usually presented on the last working day of February. However, the budget has been delayed this time due to the ongoing assembly polls. Polling for assembly elections in five states concludes in early March 2012.

Reports indicate that the finance ministry is considering a proposal to increase excise duty from 10% to 12%, although still lower than the level before the 2008 financial crisis. The move is aimed at helping the government improve its fiscal situation but it is expected to push up the cost of almost all manufactured goods from food products to consumer durables and automobiles.

Asian shares edged higher on Friday, 16 February 2012, following strong gains on Wall Street overnight triggered by robust US economic data. Key benchmark indices in Taiwan, China, South Korea, Hong Kong, Indonesia, Singapore and Japan were up by between 0.08% to 1.49%.

Euro zone officials are reportedly putting the finishing touches to a second bailout deal for Greece for approval on Monday, 20 February 2012, with the focus on how Greece can prioritize debt repayment and ways to ensure Athens commits to reforms.

Global ratings firm Moody's warned on Thursday it could downgrade the credit ratings of 17 global banks and securities firms due to more fragile funding conditions, increased regulatory burdens and a more difficult operating environment. The announcement came shortly after Moody's said it was taking ratings action on 114 financial institutions in 16 European countries to reflect the impact of the continent's debt crisis and the deteriorating creditworthiness of governments in the region.

US shares settled near four-year highs on Thursday, 16 February 2012, on strong US economic data. The Dow Jones Industrial Average advanced 123.13 points, or 1%, to 12,904.08. The Standard & Poor's 500-stock index rose 14.81 points, or 1.1%, to 1,358.04. The Nasdaq Composite index rose 44.02 points, or 1.5%, to 2,959.85.

Weekly applications for unemployment benefits dropped 13,000 to a seasonally adjusted 348,000, the US Labor Department said on Thursday.

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