That paranoid feeling…

While Cisco’s poor outlook weighed on Wall Street, especially the technology sector, markets in Europe were hit by mounting fiscal issues in countries like Ireland and Portugal.

A paranoid is someone who knows a little of what's going on. - WS Burroughs.



A sudden selloff in South Korea’s Kospi spooked investors in India. The steep fall in Kospi was partly attributed to program-based selling by FIIs on F&O expiry. This morning, the Kospi was up over 2% but has given up some of those gains. The rest of Asia is in the red following the overnight losses in the US and European markets.


While Cisco’s poor outlook weighed on Wall Street, especially the technology sector, markets in Europe were hit by mounting fiscal issues in countries like Ireland and Portugal.


Given the somewhat grim global backdrop, we are set for a lower start. Having said that we do not rule out a recovery later in the day.


The IIP data for September is likely to be subdued. Educomp, HPCL, India Cements, RPower, RInfra, Tata Power, Tata Steel and Oil India are among the key results to keep an eye on.


The monthly US jobs report will also be watched for clues on the health of the US economy. Though expectations are low, the outcome of the G-20 summit could have a temporary sentiment impact on world markets.


Results Today: AIA Engineering, Allied Digital, BEML, Den Networks, DQ Entertainment, Educomp, Gammon India, Gayatri Projects, HPCL, IL&FS Transportation, India Cements, Indosolar, Indraprastha Gas, Ispat Inds, ITI, Oil India, Parsvnath Developers, Pipavav Shipyard, Reliance Infra, Reliance Power, Tata Power, Tata Steel, Tulip Telecom, Unity Infra and Wockhardt.


FIIs were net sellers of Rs. 604.2mn in the cash segment on Thursday (provisionally), according to the NSE web site. Local funds were net sellers of Rs. 2.69bn. In the F&O segment, the foreign funds were net sellers at Rs. 5.4bn. The foreign funds were net buyers of just Rs. 1.07bn in the cash segment on Wednesday, as per the SEBI web site. Mutual Funds were net sellers at Rs. 993mn on the same day.