Sensex to remain range-bound

Headlines for the day

Tatas may launch electric Indica by early 2011 - Business Line

Reliance Industries reopens petrol outlets - Business Line

HCL Infosystems, Cisco in security products pact - DNA Money

Bayer signs pact with GVK Bio - Business Standard

Bhushan Steel may sell stake to Sumitomo - Business Standard

Events for the day

Major corporate action:

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Listing of Astec Lifesciences Ltd (Bse code: 533138, NSE code: ASTEC) that came with an issue price of Rs82.

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Ex-date for the Dividend of Pantaloon Retail (India) Ltd. And Gujarat State Petronet

Pre-market report

Global signals

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The European shares closes in the red with loss of over 0.5% each as the data indicated that the US economy grew at a slower rate than expected, banking stocks slides. FTSE 100 closed 0.59% lower at 5324.

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Due to the revisited government data on the GDP for Q3 that showed slower than expected growth of the US economy, stocks slides marginally. However as the Fed raised its expectation for growth in 2010, losses eased. Dow falls by 0.2% ends at 10434.

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Once again, the major Asian indices are trading mixed, volatile and ina range bound territory. The indices like Taiwan Weighted Stait Times, Nikkei 225 and Jakarta Composite are trading in green with marginal gains. While the remaining major indices are trading in the negative zone with marginal losses. At the time of writing this report, SGX Nifty was trading marginally higher with gains of mere 7 points.

Indian markets

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Considering such mixed cues from the global front, domestic markets may remain range bound and highly volatile in the days trade.

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Among the local indices, the Nifty could test the 5150-5182 range on the up side, while on the down side it could find support at 5050 and 5000. While the Sensex is likely to get support at 16900 and may face resistance at 17300.

Indian ADR's

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Among the Indian ADRs trading on the US bourses, only Tata Motors and VSNL closed in the green with gains of 0.36% and 2.27% respectively. While the rest closed in the red with loss in the range of 0.10%-2.67%.

Commodity cues

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In the commodity space, the Crude oil prices corrects, with the Nymex light crude oil for January 2010 series falling by $1.11 to settle at $76.45 a barrel.

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In the metals space, the yellow metal rises marginally, with the Comex Gold for December series surging by $1.90 to settle at $1166.60 a troy ounce, while Comex Silver for December series declined marginally by $0.16 to settle at $18.49 to a troy ounce.

Daily trend of FII/MF investment in equities

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On November 24, 2009, FIIs were the net sellers of the Indian Stocks in the tune of Rs68.00 crore (with the gross purchase of Rs1951.30 crore and gross sales of Rs2019.30 crore).

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While the Domestic mutual funds mutual funds, on November 23, 2009, were the net buyer of the stocks in the tune of Rs219.20 crore (with gross purchase of Rs676.20 crore and gross sales of Rs457.00 crore