Morning Bell!!!!....Sensex opens flat, Tata Power tanks 7%

Indian Markets

The BSE benchmark Sensex fell 40 points in opening trade following moderate sell-off across the globe. Technology, FMCG, Tata group and select financial stocks were witnessing selling pressure. Soon after, the 30-share BSE Sensex slumped another 63 points to 17,055.54 and the 50-share NSE Nifty dropped 25 points to 5,123.05

Indian equity benchmarks turned negative after a positive opening. This was due to disappointing second quarter numbers of some companies and a fall in European markets. While the BSE Sensex finally closed 74 pts or 0.4% lower at 17,119, the Nifty lost 21 pts or 0.4% to close at 5,148.

US Markets

U.S. stocks slid Monday as investors grew wary over whether political transitions in Greece and Italy will help resolve Europe's debt crisis. The Dow Jones industrial average dropped 75 points, or 0.6%, the S&P 500 lost 12 points, or 1%, and the Nasdaq composite fell 22 points, or 0.8%.

The Indian ADRS were in the red with Tata Motors losing the most (4.1%). MTNL, ICICI Bank and Satyam fell 3.4%, 3.3% and 3.1% respectively. Wipro fell 0.2% while Dr. Reddy?s fell 0.4%. HDFC Bank and Tata Communications fell 1.2% and 2.4% respectively.

Asian Markets

Today, all the Asian indices are trading in the red with Hang Seng and Kospi trading lower by 0.7% and 0.5% respectively. Taiwan and Nikkei are down 0.4% each. Strait times and Shanghai are down by 0.3% and 0.2% respectively. Japan's economy grew at a 6% annual rate in the third quarter, according to gross domestic product figures released Monday.

Commodities

Among the metals, Copper and Zinc rose by 3.6% and 2.8% respectively while Aluminium gained 1.1%. Nickel fell by 0.6%..Oil for December delivery slipped 85 cents to $98.14 a barrel. Gold futures for December delivery fell $9.70 to settle at $1,778.40 an ounce.

Outlook for Today

Today, we expect the Indian Markets to open in the red on the back of weak global cues. Later it could take cues from European markets. Among the sectors, IT and Auto stocks look weak.
Sources- HDFCSEC , Moneycontrol