Markets set for a gap-down start; IIP nos eyed

The Indian indices are expected to start the session in the red tracking negative global markets. The IIP numbers for September 2010 will be eyed.

Headlines for the day:

ICICI, Axis Bank infra NBFCs hit RBI hurdle

Sun Pharma buys out Templeton in Taro

Maran picks up another 7.68% in SpiceJet



Events for the day:

Major corporate action

IIP data for the month of September to be announced today
Lakshmi Overseas Industries and Deccan Chronicle Holdings board to consider buyback of shares
Power Grid Corporation of India FPO closes today
Results: Reliance Infrastructure, Reliance Power, Tata Steel, HPCL

Pre-market report

Indian indices

The pace of the Indian equities has been slow in this week as compared to the last week, with the key benchmark indices - Sensex and Nifty, down by 416 points (1.98%) and 148 points (1.87%) respectively.

In today's trade, the negative cues from the global markets may drag the domestic markets lower at the start. Markets may witness subdued trading as investors may remain cautious awaiting the outcome of the Group of 20 economic summit meeting in South Korea.

On the macro front, the government will announce the industrial output data for September 2010 today, it is expected to come in at 6.4%. Industrial production rose at a much slower-than-expected 5.6% in August 2010.

The companies reporting their earnings today, which will keep their stocks in focus.

Daily trend of FII/MF investment in equities

The FIIs have bought Indian stocks worth a net of Rs107.90 crore on November 11, 2010 as against net buy of Rs687.70 crore on November 10, 2010. The domestic investors have sold Indian shares worth a net of Rs99.30 crore on November 10, 2010.

Global signals

The European markets dipped on Thursday (November 11, 2010), further retreating from two-year highs hit earlier in the week, as investors dumped stocks from the region's peripheral countries on mounting fears over Ireland's debt woes.

US stocks slid on Thursday after a gloomy outlook from Cisco Systems Inc underscored the risks that a still-weak economy posed to corporate profits and sparked a technology-led selloff in an overbought market.

The Asian markets were trading lower following the overnight decline in Wall Street. SGX Nifty was trading 47 points lower, suggesting towards a negative start on Dalal Street.

Commodity cues

Crude oil prices fell from 25-month highs on Thursday as gains in the dollar and the weaker stock market offset strong Chinese demand data. The crude oil futures for December 2010 settled at $87.81 a barrel.