Markets set for a weak opening

Headlines for the day:

Tata Motors aims to raise UV market share in Gujarat

Phase-I of Tata Steel's Kalinganagar plant by March 2014

Coal India could raise price after wage revision



Events for the day:

Major corporate action

Oberoi Realty to list today
Results: Yes Bank, Kotak Mahindra Bank, HCL Technologies
For more events and news, log on to Sharekhan.com
Updates on global events

Pre-market report

Indian indices

The domestic markets have been witnessing the topsy-turvy movements since the past few trading sessions. It has become difficult to describe the markets’ trend as at one point of time it is believed that markets will correct sharply, and the other it feels that there will be a huge surge.

The domestic markets are stepping back from their 32-month highs as the global trends continue to have a bearing on the investor sentiment. The domestic markets are expected to begin the session on a weak note as global markets decline. The markets are likely to trade volatile as we are in the midst of earnings season.

The quarterly results of Yes Bank, Kotak Mahindra Bank, Ashok Leyland, Hindustan Zinc, Canara Bank, HCL Technologies, Power Grid Corporation of India and Indiabulls Real Estate will be declared today. The quarterly earnings will be important for the markets to take direction for the short to medium term.

There is a new listing on the bourses, Oberoi Realty, issue price is fixed at Rs260 a share, at higher end of price band of Rs253-260 a share.

Daily trend of FII/MF investment in equities

The FIIs have bought Indian stocks worth a net of Rs815.70 crore on October 19, 2010 as against net buy of Rs654 crore on October 18, 2010. The domestic investors have sold Indian shares worth a net of Rs1,048.40 crore on October 18, 2010.

Global signals

The European shares fell on Tuesday (October 19, 2010) after China announced a surprise rise in interest rates, raising fears of a slowdown in global growth and pushing miners lower.

The US stocks posted their biggest loss in two months on Tuesday on fears that banks might be on the hook for billions of dollars in souring mortgage bonds..

The major Asian markets were trading lower on the back of China's rate hike and the sharp fall on the Wall Street. SGX Nifty was trading 22 points down, indicating to have a weak start on the Indian bourses.

Commodity cues

Oil fell more than 4% to below $80 a barrel on Tuesday, the biggest drop in more than eight months, as China hiked interest rates to cool its booming economy.