Indian stocks likely to open steady

The markets may have a gap-up start following the positive Asian cues. The market may remain sideways and rangebound ahead of F&O expiry this week.

Headlines for the day:

R-Power, Lanco among 7 cos for NTPC solar plants

SEBI plans to cut IPO process time to 7 days

Steel companies to jointly acquire assets abroad



Events for the day:

Major corporate action

RPP Infra Projects IPO closes today
For more events and news, log on to Sharekhan.com

Pre-market report

Indian indices

After witnessing the drastic sell-off in the last week on profit booking of funds taking place. The key indices may rebound from their past losses as the market sentiments across the globe are quiet supportive. Today, the markets may have a gap-up opening in line with the Asian indices trading higher.

However, with the F&O expiry round the corner this week and external uncertainties abound, the market may remain sideways and rangebound. The 2G spectrum mess could continue to weigh on the sentiment as will jitters about potential margin calls in case of a further fall. Investors are likely to trade cautiously in the near term.

Daily trend of FII/MF investment in equities

The FIIs have sold Indian stocks worth a net of Rs218.80 crore on November 19, 2010 as against net sell of Rs16.80 crore on November 18, 2010. The domestic investors have sold Indian shares worth a net of Rs77.10 crore on November 15, 2010.

Global signals

European shares fell on Friday (November 19, 2010) on global growth fears after China raised bank reserve requirements and on investor concerns about Ireland's debt crisis.

US stocks closed slightly higher on Friday, recovering from earlier losses over concerns that China's latest move to curb its roaring inflation could hurt the global economy.

Majority of the Asian markets were trading higher on news over the weekend that Ireland has formally applied for aid from the European Union and the International Monetary fund. SGX Nifty was trading 59 points higher, indicating to have a steady start on the Dalal Street.

Commodity cues

Crude oil prices fell, heading for its biggest weekly loss in three months, after China’s move to curb its inflation. The crude oil futures for December 2010 declined by $0.53, to settle at $81.98 a barrel.