Markets expect a positive start

Headlines for the day:

Banks face higher capital norms for PE, VC funds

REC wants RBI okay to raise FII stake from 24% to 35%

NMDC eyes 10% stake in Australian firm




Events for the day:

Major corporate action

India's weekly inflation to be announced today, to view the update on this, kindly log on to Sharekhan.com at 12 pm.
Ex date for final dividend of ONGC, Ganesh Polytex
Ex-date for dividend of Sun Pharmaceutical Industries, Jindal Saw

Updates on global events

The US continuing claims for the week ended August 21, 2010 stood at 4,456,000 as compared to 4,479,000 seen in the previous week.

Pre-market report

Indian indices

Being a short trading week, the Indian markets have gained in their last three sessions, the Sensex and the Nifty rose 446 and 129 points respectively. The Nifty managed to close above 5600 levels for the second consecutive day.

Today, the domestic markets may have a firm start owing to the supportive world indices and are expected to follow its global counterparts for direction.

Going in to the session, the domestic markets are likely to remain volatile as weekly inflation readings are going to be announced later today. While, the investors would also like to see the industrial production numbers for the month of July, which are scheduled to be released on Friday (September 10, 2010).

Tata Steel, Jindal Steel and Power, GVK Power, Essar Power, MMTC and NTPC face the government threat of cancellation of their captive coal block allocations; the stocks may remain in focus.

The Indian markets will remain closed on Friday, for Eid holiday.

Daily trend of FII/MF investment in equities

The foreign institutional investors (FIIs) have bought shares worth a net Rs201.30 crore on September 08, 2010, much lower than Rs1,039.50 crore on September 07, 2010. The domestic investors have purchased Indian stocks worth a net of Rs354.30 crore on September 06, 2010.

Global signals

The European shares rose on Wednesday (September 08, 2010), with a key index making its highest close in four months, boosted by technology stocks as ARM Holdings jumped on renewed bid talks and as miners also gained.

The US markets rose on Wednesday as investors latched onto positive news out of Europe in the latest in a string of low-volume sessions suggesting little confidence in market direction.

The Asian markets were trading in the positive territory, following the overnight Wall Street gains. SGX Nifty was trading 18 points higher, suggesting towards a positive start on the Dalal Street.

Commodity cues

Crude oil rose on Wednesday for the first time in three sessions, as the crude oil futures for October delivery rose by $0.58, to settle at $74.67 a barrel.