Markets may have a flat start

Headlines for the day:

IRDA for even dilution of holdings in IPOs

Bharati Shipyard may sell 15% stake to SCI

BP, RIL to discuss asset sales, Joint ventures



Events for the day:

Major corporate action

Indosolar to list today
Sea TV Network IPO closes today
Ex-date for dividend of Harrisons Malayalam
For more events and news, log on to Sharekhan.com

Updates on global events

The US Consumer Confidence fell to 48.5 in September from 53.2 in August.

Pre-market report

Indian indices

A tussle between the bulls and bears was witnessed at the start of the week. The heavy buying by the foreign funds is fuelling the stock markets rally though the local investors are maintaining a wait and watch attitude in the belief that the Indian equities have become overvalued following the strong gains in the past two weeks. As a result, the Sensex has held on to its 20100 levels, while the Nifty is still above 6000 levels, which has been a good sign for the market players.

Today, the domestic markets may expect a flat start as the equities across the world have slowed down their gaining pace after the report showed US consumer confidence fell to its lowest since February.

The markets have already started witnessing volatility from the start of the week ahead of the expiry of derivative contracts tomorrow (September 30, 2010), it is likely to persist in today’s session.

Daily trend of FII/MF investment in equities

The foreign institutional investors (FIIs) have bought Indian shares worth a net of Rs1,307.10 crore on September 28, 2010, as compared to Rs1,338.70 crore on September 27, 2010. The domestic investors have sold the Indian stocks worth a net of Rs611.30 crore on September 27, 2010 as compared to Rs299.30 crore on September 24, 2010.

Global signals

The European shares fell for a second straight day on Tuesday (September 28, 2010), led lower by banking and auto shares as investors shed riskier assets after a report showed US consumer confidence fell to its lowest since February.

The US markets rose on Tuesday as latecomers jumped onto the September bandwagon, buying up sectors that have outperformed during the month.

The Asian markets were trading higher following the overnight Wall Street gains. SGX Nifty was trading 10 points higher, indicating to have a flat start on the Dalal Street.

Commodity cues

Crude-oil futures ended lower on Tuesday, unable to hold onto a mid-session comeback as equities wavered, as the crude oil futures for November delivery was down by $0.34, to settle at $76.18 a barrel.