Flat start on the cards

Headlines for the day:

RIL's K-G gas play may get bigger with D4 block

Banks' commission from govt business set to rise

Cairn to seek nod today for Vedanta deal



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 Zee Entertainment Enterprises
Ex-date for stock split of Diamant Infrastructure

Pre-market report

Indian indices

After a worldwide rally, the global markets have slowed down their pace. The Indian markets are expected to start on a flat note on account of unsupportive global cues.

The Sensex and the Nifty have surged by 0.48% and 0.70% respectively in the last three sessions of this week. However, going into today’s trade, the markets are expected to remain volatile as weekly inflation readings are going to be announced.

The International Monetary Fund (IMF) revised upwards its India growth projection for 2010 to 9.7%, from the earlier estimate of 9.4%, this news may provide some support to the markets.

Daily trend of FII/MF investment in equities

The foreign institutional investors (FIIs) have bought Indian shares worth a net of Rs970.30 crore on October 06, 2010, substantially lower than Rs1,918.90 crore on October 05, 2010. The domestic investors have sold the Indian stocks worth a net of Rs324.80 crore on October 05, 2010.

Global signals

The European markets rose on Wednesday (October 06, 2010), with mining companies among the top gainers, as expectations grew that central banks would embark on further stimulus measures to support global economic growth.

The US stocks eased on Wednesday as tech shares were hit by a broker's downgrade in the chip sector, while investors weighed the prospects for more stimulus measures following a weak reading on private-sector hiring.

The Asian markets were trading lower. SGX Nifty was trading 8.5 points lower, indicating to have a flat start on the Indian indices. Shanghai Composite index is shut today.

Commodity cues

Crude oil hit a new five-month high on Wednesday as a larger-than-expected drawdown in US gasoline stockpiles and a sinking dollar prompted investors to bid up energy futures, as the crude oil futures for November delivery up by $0.50, to settle at $83.23 a barrel.