Market seen opening higher; PSU OMCs, auto stocks in focus. Market will react to a steep hike in petrol prices announced by state-run oil marketing companies after market hours on Wednesday. However, data showing sustained selling by foreign institutional investors (FIIs) in past seven trading days in a row and rupee sliding to a record low may cap gains. Asian markets were trading mixed.

Foreign institutional investors (FIIs) sold shares worth a net Rs 361.07 crore on Wednesday, 23 May 2012, as per provisional figures. They sold shares worth Rs 1713.73 crore in seven trading session from 15 to 23 May 2012, as per provisional figures.

Key benchmark indices dropped for the second day in a row on Wednesday as macroeconomic worries arising from the country's high fiscal and current account deficits, sharply falling rupee against the dollar and slowing economic growth hurt investor sentiment adversely. The BSE Sensex shed 78.31 points or 0.49% to 15,948.10, its lowest closing level since 9 January 2012.

Asian stocks were mixed on Thursday amid signs that European leaders were unable to deliver meaningful measures to resolve the region's deepening debt crisis. Key benchmark indices in Singapore, China, Taiwan and South Korea were up by 0.22% to 0.30%. Key benchmark indices in Japan, Hong Kong and Indonesia were down 0.10% to 0.40%.

US stocks staged a late reversal on Wednesday on rumors that the European Union was considering a proposal to guarantee bank deposits across the bloc. The Dow Jones Industrial Average dipped 6.66 points, or 0.05%, to 12,496.15. The S&P 500 index edged up 2.23 points, or 0.17%, to 1,318.86. The Nasdaq Composite index gained 11.04 points, or 0.39%, to 2,850.12.