The market is likely to open higher as Asian stocks rose on hopes that the Federal Reserve will agree to extend stimulus measures to support growth in the US economy.

Key benchmark indices surged in choppy trade on Tuesday, 19 June 2012 as European stocks rose after better-than-expected results for a Spanish debt auction and on rumours that the European Central Bank would prop up Spanish government bonds, after yields on 10-year Spanish government bonds closed above 7% on Monday, 18 June 2012. The BSE Sensex jumped 153.97 points or 0.92% to settle at 16,859.80, its highest closing level since 15 June 2012.

Foreign institutional investors (FIIs) sold shares worth a net Rs 93.30 crore on Tuesday, 19 June 2012, as per provisional figures. Earlier, FIIs bought shares worth a net Rs 2693.50 crore from secondary equity markets during 9 trading sessions from 6 June to 18 June 2012, as per data from Securities & Exchange Board of India (Sebi).

Meanwhile, India on Tuesday announced a $10 billion contribution to the IMF's additional $430 billion financial firewall to help the debt-wracked 17-nation euro zone so that the faltering world economy is protected against the spread of any financial contagion.

Asian stocks edged higher today as investors hope that major central banks may launch a new round of monetary stimulus to boost faltering global growth. Key benchmark indices in Singapore, Japan, Taiwan, South Korea, Hong Kong and Indonesia were up by 0.22% to 0.77%. China's Shanghai Composite shed 0.17%.

US stocks advanced on Tuesday on hopes that the Federal Reserve will agree to extend stimulus measures to support growth in world's largest economy. The Dow Jones Industrial Average gained 95.51 points, or 0.75%, to 12,837.33. The Standard & Poor's 500 Index advanced 13.20 points, or 0.98%, to 1,357.98. The Nasdaq Composite Index rose 34.43 points, or 1.19%, to 2,929.76.