Markets expect a lower opening

Headlines for the day:

Teaser rates likely to stay: HDFC chairman

EIH plans Rs1.3K crore rights issue

SEBI rejects MCX-SX application to trade in new segments



Events for the day:

Major corporate action

Ashoka Buildcon IPO opens today
Orient Green Power, Gallantt Ispat and Electrosteel Steels IPO close today
Ex-date for dividend of Rama Pulp & Papers, Mudra Lifestyle
For more events and news, log on to Sharekhan.com

Updates on global events

The US continuing claims for the week ended September 11, 2010 stood at 4,489,000 as compared to 4,537,000 seen in the previous week.

The US initial claims for the week ended September 18, 2010 stood at 465,000 as compared to 453,000 seen in the previous week.

Pre-market report

Indian indices

The stunning rally on the Dalal Street has been slowed down in this week, with the domestic markets gaining in two out of four trading sessions. The Sensex and the Nifty have gained 265 points and 76 points respectively due to lack of global support.

The bad economic data from the US front increased worries about the pace of global economic recovery. The fall in world markets will weigh on the domestic markets. In today’s trade, the Indian markets are expected to begin lower. The markets may lack global support and are likely to trade with a negative bias, expanding previous session’s losses.

Daily trend of FII/MF investment in equities

The FIIs have bought Indian shares worth a net of Rs1,505.4 crore on September 23, 2010, substantially lower than Rs3,312.60 crore on September 22, 2010. The domestic investors have sold the Indian stocks worth a net of Rs208.80 crore on September 20, 2010.

Global signals

The European markets ended slightly weaker on Thursday (September 23, 2010), although off lows after a recovery in the US homes sales from a 13-year trough buoyed sentiment.

The US stocks fell on Thursday after a weak reading on the labour market dropped stocks through a key technical level, validating the worries of those who thought the recent rally was flimsy.

The Asian markets were trading lower today after a jump in the US unemployment claims led to a disappointing day on the Wall Street. SGX Nifty was trading 6.5 points lower, indicating towards a soft start on the Indian bourses. Market in China is shut for public holiday.

Commodity cues

Crude oil prices rose slightly on Thursday as gasoline futures rallied on shutdowns at a key US Northeast refinery, lifting oil from earlier losses, as the crude oil futures for November delivery was up by $0.47, to settle at $75.18 a barrel.