The Indian market is poised for a green opening on the back of supportive global cues. The US markets ended with modest gains on Friday despite the rate hike announced by the Chinese government after the close of the last trading day of the week in the region. The Asian pack was mostly higher in morning trade today but global economic concerns still remain. The SGX Nifty was 55 points higher at 5,930 compared to its previous close of 5,875.

Global cues and institutional outflows were responsible for the Indian market ending lower for the second week in a row. The 2G spectrum allocation scandal, which has rocked the government, was responsible for the sharp plunge on Friday. While monthly inflation data for September perked up the market on Monday, the Chinese government's announcement of a rate hike spooked markets across Asia - India included - on Friday. The market closed 3% lower on a weekly basis with the Sensex tumbling 571.45 points and the Nifty down 181.35 points.

The US markets closed with modest gains on Friday, brushing off concerns relating to the Chinese government’s rate hike. Besides, Federal Reserve chairman Ben Bernanke defended the recent stimulus package in a speech on Friday after severe criticism that the move would devalue the dollar and give American companies an advantage in global trade.

The Dow Jones industrial average rose 22.32 points (0.20%) to 11,203. The S&P 500 added 3.04 points (0.25%) to 1,199. The Nasdaq gained 3.72 points (0.1%) to 2,518.

Markets in Asia were mostly higher in early trade today but global economic concerns still linger. The Chinese central bank on Friday raised the deposit reserve ratio for the fifth time this year and the latest hike is the second one in November. The People's Bank of China said the deposit reserve ratio has been further hiked by 50 basis points effective 29th November. The easing of the debt crisis in Ireland supported the gains this morning.

The Shanghai Composite was up 0.07%, the Jakarta Composite rose 0.05%, the KLSE Composite added 0.08%, the Nikkei 225 surged 1.01%, the Seoul Composite gained 0.24% and the Taiwan Weighted climbed 0.50%. On the other hand, the Hang Seng declined 0.41% and the Straits Times fell 0.28% in early trade. The SGX Nifty was 55 points higher at 5,930 compared to its previous close of 5,875.

Faced with a liquidity crunch, microfinance companies have urged the Reserve Bank of India (RBI) to direct banks to set up an emergency fund of Rs1,000 crore to help them tide over slowdown in their business.

The micro finance sector has been reeling under a liquidity crisis after the Andhra Pradesh government issued an ordinance to control interest rates charged by micro finance institutions (MFIs) and also to check the coercive recovery tactics adopted by these firms.

From time to time, RBI had helped various sectors to deal with the money shortage. At the time of global financial crisis, the central bank had announced special liquidity injection measures for the mutual fund industry when it was facing a cash shortage.