Market may edge lower on weak Asian stocks

Weak global stocks may pull the market down after Monday's near 2% gains. Trading of S&P CNX Nifty futures on the Singapore stock exchange indicate that the Nifty could slide 53.50 points at the opening bell. Asian shares were down Tuesday as investors continued to worry over Europe's debt crisis. Volatility may remain high as traders roll over positions in the derivatives segment from the near-month November 2010 series to December 2010 ahead of the expiry of the November 2010 futures & options (F&O) contracts on Thursday, 25 November 2010.



Hong Kong stocks opened sharply lower on Tuesday, 23 November 2010, extending losses as stricter Hong Kong property rules and tighter mainland Chinese monetary policy remained a drag on the market. The Hang Seng was down 1.46%. In China, the Shanghai Composite index was down 2.08%. Markets in Japan were closed for a public holiday.

Bank shares weighed on Wall Street on Monday, 22 November 2010, as Europe's smoldering debt crisis and fears of an insider trading probe in the United States sapped buying interest for most of the session.

Markets, which had initially responded positively to Ireland's formal request for aid over the weekend, have also started to fret over the risk that other euro-zone nations--possibly Portugal or Spain--could be hit by a similar fiscal and debt crisis.

Closer home, the Supreme Court will begin hearing today, 23 November 2010, on Prime Mninster Manmohan Singh's affidavit that rejects charges of inaction on the part of the PMO in the 2G spectrum scam. On Monday, 22 November 2010, Janta Party leader Subramaniam Swamy - the petitioner in the case stuck to his stand that there was delay on the part of the PMO in replying to his complaint over prosecution of former telecom minister A Raja. But he shifted the blame on law officials and bureaucrats advising the Prime Minister. Swamy filed an affidavit on Monday in response to the PM's reply which stated that no delay has been caused from the PM's office in replying to his petition seeking sanctions to start prosecution of Raja in court.