The market may extend recent strong gains after a special court investigating the telecom licenses scam on Saturday, 4 February 2012, dismissed a petition to investigate Home Minister Palaniappan Chidambaram's alleged role in a 2008 telecom scandal, handing a much-needed victory to the Congress party-led national government. Firm Asian stocks may also support Indian equities. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicates a gain of 50 points at the opening bell. Hindustan Unilever, National Aluminium Company and India Cements announce Q3 results today, 6 February 2012.

Power Finance Corporation announced after market hours on Friday, 3 February 2012, that net profit rose 68.2% to Rs 1107.91 crore on 27.2% growth in operating income to Rs 3283.64 crore in Q3 December 2011 over Q3 December 2010.

Hindustan Copper announced after market hours on Friday, 3 February 2012, that net profit fell 2% to Rs 79.14 crore on 12.2% growth in net sales to Rs 344.58 crore in Q3 December 2011 over Q3 December 2010.

Key benchmark indices advanced for the fourth consecutive trading session on Friday, 3 February 2012, to attain their highest closing level in 13-1/2 weeks as data showing stepping up of buying of Indian stocks by foreign institutional investors (FIIs) recently boosted sentiment. A private survey showing that the services sector grew at its fastest pace in six months in January 2012, aided the rally as the market extended this year's strong gains. The BSE Sensex jumped 173.11 points or 0.99% to settle at 17,604.96, its highest closing level since 31 October 2011.

Foreign institutional investors (FIIs) bought shares worth Rs 1074.21 crore on Friday, 3 February 2012, as per provisional data from the stock exchanges. FIIs have bought shares worth Rs 4691.93 crore in first three trading sessions this month, as per provisional data from the stock exchanges. FIIs made substantial purchases of Indian stocks 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 3rd quarter earnings season is at its peak. Mahindra & Mahindra and GMR Infrastructure unveil Q3 results tomorrow, 7 February 2012. Bharti Airtel, ONGC, Power Grid Corporation of India and Tech Mahindra unveil Q3 results on Wednesday, 8 February 2012. Tata Steel, Hindalco, ACC, Ambuja Cements and HPCL unveil quarterly results on Thursday, 9 February 2012.

DFL, Tata Power, BPCL, Reliance Communications (RCom), Britannia Industries, Sun TV Network, Essar Oil and Neyveli Lignite Corporation unveil Q3 results on Friday, 10 February 2012. JSW Steel announces consolidated Q3 results on Friday, 10 February 2012. The company has already announced its stand-alone results.

Aditya Birla Nuvo, Oil India and Ashok Leyland announce Q3 results on Saturday, 11 February 2012. State Bank of India, Cipla Indian Oil Corporation, Coal India, Sun Pharmaceuticals Industries and Steel Authority of India (Sail) unveil Q3 results on 13 February 2012. Tata Motors, Jaiprakash Associates and Shipping Corporation of India unveil Q3 results on 14 February 2012. Ranbaxy Laboratories announces Q4 December 2011 results on 23 February 2012.

A trial court Saturday, 4 February 2012, dismissed a petition to investigate Home Minister P Chidambaram's alleged role in a 2008 telecom scandal, handing a much-needed victory to the Congress party-led national government. The scandal, which revolves around alleged fraud in the distribution of second-generation cellphone licenses, has destabilized the Congress government over the past 18 months. The Supreme Court citing the manner of the allocation recently ordered the scrapping of more than 100 licenses, putting at risk millions of dollars of investment by foreign telecom companies. Former Telecommunications Minister A Raja was arrested last year for his alleged role in the scandal. Mr. Raja, although a former minister in the Congress-led coalition, is a member of a smaller regional party.

The court ruled Saturday that there was insufficient evidence to make Mr. Chidambaram a co-defendant alongside Mr. Raja and other politicians and corporate executives who are being investigated. Mr. Chidambaram has denied any wrongdoing.

India's services sector grew at its fastest pace in six months during January 2012 as new business swelled, extending the previous couple of months' positive trend into the new calendar year, a survey showed on Friday, 3 February 2012. The HSBC Business Activity Index, compiled by Markit and based on a survey of around 400 firms, bounced to 58 in January from 54.2 in December. That was the third month the index has been above the 50-mark separating growth from contraction.

India's manufacturing sector grew at its fastest pace in eight months in January 2012 as factory output surged the most on record on increased domestic and foreign demand, a survey showed last week. The HSBC manufacturing purchasing managers' index (PMI), compiled by Markit, jumped to 57.5 from 54.2 in December. The factory output sub-index jumped to 62.9 in January from 55.8 in December, the biggest rise from one month to the next on record. Both the output and the new orders indexes rose to their highest level since May last year.

India's trade deficit widened to $12.7 billion in December from $8.0 billion a year earlier as export growth slowed due to falling global demand. But imports, specially in the non-oil segments, continued to grow. For the April-December period, the trade gap was $133.2 billion, compared with $96.2 billion a year earlier. India's merchandise exports in December grew 6.7% from a year earlier to $25.0 billion while imports rose 19.8% to $37.7 billion.

The government last week lowered slightly its estimate of the country's growth in gross domestic product for the last fiscal year ended 31 March 2011, to 8.4% from 8.5%.

The Union Budget is likely to be presented in the parliament in mid-March 2012. The annual budget is usually presented on the last working day of February. However, the budget is likely to delayed this time due to the ongoing assembly polls. Polling for assembly elections in five states concludes in early March 2012.

Asian stocks advanced on Monday, extending last week's rally, after data showed higher-than-expected US jobs growth. Key benchmark indices in China, Hong Kong, Indonesia Japan, South Korea and Singapore rose by between 0.22% to 1.06%. Taiwan's Taiwan Weighted fell 0.4%.

Greek Prime Minister Lucas Papademos struck a tentative deal with party leaders to extend spending cuts after euro-area finance chiefs told them an increase in the 130 billion-euro ($170 billion) aid package wasn't forthcoming. Greece's leaders will meet today to complete an accord as international creditors imposed deadline in Athens for a final deal today.

US stocks rose on Friday as the US economy added more jobs than expected last month, driving the Nasdaq Composite to an 11-year high and pushing the Dow to its highest close in nearly four years. The latest data showed non-farm payrolls rose 243,000 last month, marking the biggest gain since April. The jobless rate fell from 8.5% to 8.3%, the lowest it has been since February 2009.

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