The main Indian equity indices have slipped in early morning trade amid reports that European leaders are still divided on the issue of expanding the eurozone rescue fund ahead of this weekend's important summit in Brussels.
A weak assessment of the US economy by the Federal Reserve in it's Beige Book survey is also weighing on the mood partially. As far as domestic cues are concerned, the Finance Minister's admission that key economic targets for FY12 will be difficult to meet has also dampened the sentiment before the RBI's policy meet on Oct. 25.
The BSE Sensex and the NSE Nifty are down by ~1% each at this juncture. The breadth is also weak due to losses in the Small-Cap and Mid-Cap counters. All the sectoral indices on the BSE are in the red, led by Metals, Capital Goods, IT, Oil & Gas, Banking and Realty indices
Source:- India Infoline
Results today: Bajaj Auto, Cairn India, Yes Bank, Ultratech Cement, Indiabulls Real Estate, IDBI Bank, Hexaware Tech, Sterlite Tech, Thermax, Dewan Housing, KPIT Cummins, Dhanlaxmi Bank, Exide, Industries, SREI Infra, Mahindra Forgings, GHCL, Piramal Healthcare, Bajaj Holdings, HSIL, Bharat Bijlee, Noida Toll, Kirloskar Brothers, AGC Networks, Hindustan Media Ventures, Wabco India, Ashapure Minechem, DCW, Deepak Fertilizers, FAG Bearings, Gujarat Alkalies, Gujarat Industries Power, GSFC, Indiabulls Securities, ESAB India, GM Breweries, Gujarat Narmada Valley fertilizer, Sagar Cements, State Bank of Travancore, Swaraj Engines, Nilkamal, Excel Crop Care, Indiabulls Power, Indoco Remedies, Granules India, Repro India, Kewal Kiran Clothing, DB Corp, Fresenius Kabi, Infoedge India
Stock In NEWS
- Moser Baer amicably resolves all issues with 150 striking workers
- AP Paper to use the sale proceeds for expansion in its textile & tea businesses—ET
- Oil companies pitch for fuel price hike; companies forced to borrow as govt hasn’t paid them subsidy for last quarter (ET)
- Marg makes an open offer to acquire 76.5 lakh shares at Rs 91/sh (CMP: 81.70)
- Thomas Cook in talks with Travelex to sell its Forex unit in India (FE)
- Abbott plans to split Medical products and R&B biz, Indian arm to fall under medical products biz –Mint
- Panel mulls 26% hike in tax on bidis & 15% tax on for cigarettes (FE)
- SEBI issues show-cause notice to India Infoline for certain violations, brokerage says seeking consent settlement – Mint
- GVK Power & Infra acquires Siemens 14% stake in Bangalore Intl Airport for Rs 613.82cr ((Holding now 43%))
Source:- Moneycontrol
Asian Markets
Today, the Asian indices are trading in the red with Hang Seng and Shanghai trading lower by 1.7% and 1.5% respectively. Nikkei is down 0.9% while Taiwan is down 0.8%. Strait Times and Kospi are down by 0.4% and 0.2% respectively.
Outlook for Today
Today, we expect the Indian Markets to open lower following weak global cues. However, later during the day it could try and recover part of the losses. Among the sectors, Banking and IT stocks look weak. Sectors like FMCG and Healthcare (defensive sectors) could outperform.
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