Weak global indices may weigh on sentiment

Headlines for the day

Oil India Ltd acquisition dreams skid, co still hopeful - DNA Money

Reliance, L&T-led consortia in race for B'lore Metro project - Business Standard

Fortis to raise Rs 450 cr as part of additional capex - Business Standard

M&M to launch seven variants next financial year - Business Standard

GVK power buy hits coal mine hurdle - Business Standard

Events for the day

IPO Update: Emmbi Polyarns Ltd IPO opens today

Major Corporate Action: CONCOR,INT DIV-RS.6/- PER SHARE,Ex Date: Feb 1 2010,Rcd Dt: Feb 2 2010,
GODREJCP,3RD INT DIV-RE.1/- PR SHR,Ex Date: Feb 1 2010,Rcd Dt: Feb 2 2010
SAIL,INT DIV-RS.1.60 PER SHARE,Ex Date: Feb 1 2010,Rcd Dt: Feb 2 2010
SHREEASHTA,BONUS 4:1,Ex Date: Feb 1 2010,Rcd Dt: Feb 2 2010
TATAINVEST,INT DIV-RS.15 PER SHARE,Ex Date: Feb 1 2010,Rcd Dt: Feb 2 2010

Pre-market report

Global signals

European shares rose on Friday, boosted by stronger-than-expected U.S. economic growth, but also notched up their biggest monthly loss since February 2009 on worries over Greece's deficit, and curbs on banks.

U.S. stocks dropped on Friday, as worries about fiscal turmoil in Europe and a drop in technology stocks pushed the S&P 500 to its worst monthly decline since February 2009.

In today's trade, the Asian indices showing the negative trend in the early trading hours. Indices like Shanghai Composite, Hang Seng, Seoul Composite, Straits and Jakarata trading in red territory. While Nikkei trading with loss and at the time of writing this report, SGX Nifty that opened lower trading down by 32 points at 4855.

Indian markets

The market is likely to remain under pressure after a fall in the US market on Friday and weakness among major Asian indices in the ongoing trades.

Among the local indices, the Nifty could test the 4900-4975 range on the up side, while on the down side it could find support at 4825 and 4766. While the Sensex is likely to get support at 16182 and may face resistance at 16543.

Indian ADR's

All the Indian ADRs trading on the US bourses closed on mixed note. ICICI Bank that surged by 5.41%. On other hand Rediff fell the most with loss of 4.73%

Commodity cues

In the commodity space, wherein the Crude oil prices recorded marginal loss, with the Nymex light crude oil for March series decline by $0.27 to settle at $72.62 a barrel.

In the metals space, Comex Gold for April series declines by $1.60 to settle at $1083.20 to a troy ounce.

In the metals space, Comex Silver for March series advances by $0.06 to settle at $16.27 to a troy ounce.

Daily trend of FII/MF investment in equities

On January 29, 2010, FIIs were the net sellers of the Indian Stocks in the tune of Rs2332 crore (with the gross purchase of Rs3327 crore and gross sales of Rs5659 crore).

While the Domestic mutual funds, on January 29, 2010, were the net buyers of the stocks in the tune of Rs1112.50