Strong global cues to drive market higher

Indian equities are likely to open positive on Wednesday, Oct. 17, 2012. SGX Nifty is trading at 5,693 (07.20 a.m.), 42 points higher than Tuesday"s closeof 5,651.

Asian stocks rose and the euro touched a one-month high on speculation Spain will move toward seeking financial aid, and after U.S. earnings and industrial output beat forecasts. Oil in New York advanced. Japanese benchmark index Nikkei 225 rose 120.39 points, or 1.38%, to trade at 8,821.70.

Oil finished slightly higher Tuesday following a day of wavering between small gains and losses as traders mulled mixed economic data. Benchmark U.S. crude ended up 24 cents at USD 92.09 a barrel in New York. Brent crude, which is used to price international varieties of oil, lost 40 cents to finish at USD 114 a barrel in London.

European stocks rose on Tuesday as two German lawmakers said the country is open to Spain seeking a precautionary credit line from Europe"s rescue fund, and German investor confidence advanced more than expected in October. UK"s benchmark index FTSE 100 advanced 64.93 points, or 1.12%, to end at 5,870.54.

US stocks climbed on Tuesday after stronger-than-expected quarterly earnings from such bellwethers as Goldman Sachs and Johnson & Johnson helped ease concerns about a dismal quarterly earnings season. The Dow Jones industrial average rose 127.55 points, or 0.95%, to 13,551.78.

In the spot market, the Dollar Index decreased 0.35% to 79.13 (21:35 ET).

World commodity prices gained on Tuesday with the increase in Reuters Jefferies CRB Index by 0.54%.