Market to track weak global cues

An overnight sharp fall in US stocks and rise in oil prices will trigger weak opening on the domestic bourses today. Reliance Industries (RIL) announced a 13.2% rise in net profit in Q1 June 2008 after trading hours on Thursday, 24 July 2008, more or less in line with market expectations.

With inflation showing signs of stabilizing, the Reserve Bank of India (RBI) is seen refraining from raising interest rates at its quarterly monetary policy review on Tuesday, 29 July 2008. RBI is, however, is seen raising banks’ cash reserve ratio (CRR) by 25 to 50 basis points at the monetary policy review.

Inflation based on the wholesale price index rose 11.89% in 12 months to 12 July 2008, below the previous week's annual rise of 11.91%, government data released after trading hours on Thursday, 24 July 2008, showed. Inflation for the week ended 17 May 2008 was revised upwards to 8.66% from 8.10%

As per provisional data released by the stock exchanges, foreign funds on Thursday, 24 July 2008, bought shares worth a net Rs 272.36 crore. Foreign funds bought shares worth a net Rs 1635.60 crore on Wednesday, 23 July 2008, data released by the market regulator Securities & Exchange Board of India (Sebi) after trading hours on Thursday, 24 July 2008, showed.

The Q1 June 2008 results announced so far have been a mixed bag. The combined net profit of 479 Indian firms rose 14.8 % to Rs 25790 crore on 33.9% growth in sales to Rs 210050 crore in Q1 June 2008 over Q1 June 2007.

US stocks declined sharply on Thursday, 24 July 2008, after a report showing yet another drop in US home sales prompted investors to take profits in financial shares, which had rallied over the past week. The Dow Jones industrial average fell 283.10 points, or 2.43%, to close at 11,349.28. The Standard & Poor's 500 Index slid 29.65 points, or 2.31%, to 1,252.54, while the Nasdaq Composite Index shed 45.77 points, or 1.97%, to 2,280.11.

US oil futures rose $1.05 to settle at $125.49 a barrel on Thursday, 24 July 2008, after a drop of more than 5% over the previous two sessions. Earlier during Thursday's NYMEX session, oil hit an intraday high above $126.

Asian stocks were in the red today, 25 July 2008. Key benchmark indices in Hong Kong, Japan, South Korea, China and Singapore were down by between 1.1% to 2.27%.