Expiry of Nervous November

If you look at lifeone way, there is always cause for alarm. - Elizabeth Bowen



The nervousness on the street could continue initially followingthe CBI unearthing a multimillion-rupee bribery scam and making a few arrests. Theusual choppiness of expiry day may more or less be there though the Nifty hasalready seen 63% rollover.




We expect the start to be weaker with further selling inselect banks and real estate companies. It won’t take long for the market to identifystocks which have got punished for no fault of theirs. Expect some buying toset in as global cues seem to hold for the time being.



Asian markets are in the green.With US consumerspending picking up in October and jobless claims falling to the lowest levelsince July 2008, US indices moved higher by over a percent.



While attempts are being made to rescue the Irish bankingsector, Portugal and Spainare being closely watched now.


The dollar gained against the euro and the yen but was flat againstthe British pound.



Oil for January delivery was up $2.61 at $83.86 a barrel. Goldfutures for Dec fell $4.60 to close at $1,373 an ounce.



On the political front, in Bihar, it was victory fordevelopment and rule of law as the the ruling Janata Dal (United)-BharatiyaJanata Party alliance led by Nitish Kumar romped home with 206 seats in the243-member House. Meanwhile, KarnatakaChief Minister B.S. Yeddyurappa has been asked by the BJP to continue inoffice.