Mkts to open flat on mixed Asian cues

Markets are likely to start the session on a flat note following the mixed Asian cues. The market undertone is negative but one needs to be cautious, as volatility is expected ahead of F&O expiry.

Headlines for the day:

MOIL IPO price band fixed at Rs340-375

JSW snaps up Canada firm for C$422 million

Aegis Logistics to invest Rs430 crorein oil terminal projects



Events for the day:

Major corporate action

Claris Lifesciences IPO opens today
Ex-date for stock split of Greaves Cotton
Ex-date for interim dividend of Kesoram Industries, Man Infraconstruction
For more events and news, log on to Sharekhan.com

Pre-market report

Indian indices

Tensions in Korea casted a spell of gloom on the global markets that resulted in heavy sell-off in the previous session. Sensex witnessed almost its two-month low level.

The domestic markets may get a flat start following the mixed cues from Asian markets. However, the market sentiments expected to remain cautious owing to the tense standoff between North and South Korea after a deadly exchange of artillery fire.

Overall the market undertone is negative but one needs to be cautious as things might turn a bit volatile. The volatility is expected to heighten in the run-up to the expiry of the November series futures and options contracts on Thursday (November 25, 2010).

Daily trend of FII/MF investment in equities

The FIIs have bought Indian stocks worth a net of Rs525.90 crore on November 23, 2010 as against net buy of Rs1,443.40 crore on November 22, 2010. The domestic investors have bought Indian shares worth a net of Rs297.10 crore on November 22, 2010.

Global signals

European equities fell to a six-week closing low on Tuesday (November 23, 2010) as concerns over Ireland's turmoil and the possibilities of it spreading to other euro zone countries intensified. Korean tensions also weighed on the market sentiments.

US markets sank on Tuesday as investors dumped risky assets on escalating tensions in the Korean peninsula and as euro-zone debt worries mounted.

Asian market were trading mixed. Nikkei index was nearly 1% down. SGX Nifty was trading 11 points higher, indicating to have a flat opening on the domestic markets.

Commodity cues

Crude oil prices slipped on Tuesday in choppy trade as fears of an escalating euro zone crisis and a North Korean attack on a South Korean island triggered a rally in the dollar. The crude oil futures for January 2011 declined by $0.60, to settle at $81.25 a barrel.