Market seen mixed

Key benchmark indices may see ranged activity tracking mixed global cues with Asian markets declining today and those of the US advancing overnight.

Inflation data based on the wholesale price index in the year through 29 November 2008, to be released by the government today, 11 December 2008, will be closed watched. Inflation based on the wholesale price index rose 8.4% in the year through 22 November 2008, a six-month low and also lower than its previous week's 8.84% rise, data released by the government on 4 December 2008 showed.

Meanwhile, the country's economic growth may fall short of the Reserve Bank of India's projection of 7.5-8% for the current financial year ending March 2009 and more pain could be in store for the next fiscal 2009-10 in terms of growth. RBI governor D Subbarao on Wednesday, 10 December 2008 indicated that the forecast might be revised downwards when RBI reviews the annual policy for 2008-09 in January 2009.

Most Asian markets were trading lower today, 11 December 2008 on uncertainty over quick approval for US auto rescue plans. China's Shanghai Composite fell 0.65% or 13.61 points at 2,065.50, Hong Kong's Hang Seng was down 0.91% or 141.90 points at 15,435.84, Japan's Nikkei slipped 0.80% or 68.97 points at 8,591.27, Singapore's Straits Times plunged 1.34% or 24.39 points at 1,797.31, Taiwan's Taiwan Weighted declined 0.09% or 4.01 points at 4,654.86. However, South Korea's Seoul Composite was up 0.36% or 4.08 points at 1,149.9

US markets rose on Wednesday, 10 December 2008 as investors mulled progress on a 15-billion-dollar bailout plan being debated in Congress for troubled American automakers.

The Dow Jones industrial average rose 70.09 points, or 0.81%, to 8,761.42. The Standard & Poor's 500 Index gained 10.57 points, or 1.19%, to 899.24. The Nasdaq Composite Index was up 18.14 points, or 1.17%, at 1,565.48.

Back home, frenzied buying in index pivotals on speculation US lawmakers will approve a $15 billion bailout of American auto companies boosted the domestic bourses on Wednesday, 10 December 2008. The BSE 30-share Sensex surged 492.28 points or 5.37% to 9,654.90 and the S&P CNX Nifty advanced 144.25 points or 5.18% to 2928.25, on that day.

Foreign institutional investors (FIIs) were net buyers worth Rs 950.65 crore while mutual funds sold shares worth Rs 59.01 crore on Wednesday, 10 December 2008, according to provisional data on NSE.

US crude for January 2009 delivery was up 21 cents at $43.73 a barrel today, 11 December 2008 on signs that top oil exporter Saudi Arabia has slashed January supplies ahead of next week's organisation of petroleum exporting countries (OPEC) meeting.