Indian Markets:
European concerns continue to haunt the Indian markets. A Greek referendum on the European bailout plan jeopardized efforts to prevent the nation defaulting on its debt. NSE Nifty erased all its gains amid choppy trade, due to fall of 2.7% in Bharti Airtel ahead of its second quarter numbers on November 4. BSE Sensex fell 16 points or 0.1% to 17,465 while NSE Nifty gained marginally 0.5 points or 0.01% to close at 5,258.
Stock specific action:
Diesel, LPG prices are set to rise again, EGOM will decide later this month.
AV Birla group weighs USD 5 billion bid for Australia’s New Hope. The move may pit company against JSW Steel .
SAIL , POSCO have settled differences over Bokaro plant.
Steel companies are unlikely to hike prices this month.
GAIL will invest USD 1 billion in Shale Gas.
Power Grid is eyeing firms in South America.
Results today:
SAIL , Ashok Leyland , TVS Motor , Sun TV , Tata Teleservices Maharashtra , Jubilant Foodworks , Welspun Corp , and Prestige Estates will declare their results today
US Markets:
The US markets recovered from their day's lows to close higher with more than 1% gains after FED Chairman Ben Bernanke said that the FED may look to reinvest in mortgage backed securities to provide additional support to the weak housing market.
Stocks shaved their gains earlier after the FED slashed its growth forecasts and following a report that said the sixth tranche of loans to Greece may not be paid until after Greek referendum is held.
At the close, the Dow Jones Industrial Average rose 1.53%, the S&P 500 index gained 1.61%, while the Nasdaq 100 index climbed 0.87%.
European markets:
European markets closed higher as the FED leaves the rates unchanged.
French President Nicolas Sarkozy says that the referendum must be a decision on whether or not Greece stays in the Euro.
Asian Markets:
Today, all the Asian indices are trading in the red except Shanghai, which is up by 0.6%. Hang Seng and Nikkei are trading lower by 2.5% and 2.2% respectively. Strait Times and Taiwan are down 1.3% each while Kospi is down 1.2%.
Commodities:
Among the metals, Copper gained the most 3.6% while Zinc rose by 0.8%. Nickel and Aluminium ended higher by 0.3% and 0.1% respectively. Oil for December delivery rose 32 cents to settle at $92.51 a barrel. Gold futures for December delivery rose $17.80 to settle at $1,729.60 an ounce.
Outlook for Today:
Today, we expect the Indian Markets to open in the negative following weak global cues. Later during the day it could trade in a range. Among the sectors, Banking stocks could outperform.
Source: Moneycontrol , hdfcsec
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