Gap-down opening likely on -ve global cues

Markets are likely to begin on a negative note on back of weak Asian markets. The markets may trade rangebound in absence of any triggers

Headlines for the day:

ONGC board to consider stock split, bonus issue

Jyoti Structures looks West to diversify, will invest Rs55 crore

CESC ventures into hydel sector



Events for the day:

Major corporate action

A2Z Maintenance & Engineering Services, Ravikumar Distilleries IPO opens today
Ex-date for dividend of Weizmann
For more events and news, log on to Sharekhan.com

Pre-market report

Indian indices

The Indian markets have witnessed consolidation and were rangebound in last session as financial stocks lead the decline.

Markets are expected to start negative following its Asian peers that are trading lower. The domestic indices may trade rangebound and move sideways in absence of any triggers.

Banking stock may still witness some pressure. The foreign institutional investors (FIIs) inflows in recent days have also slowed down drastically, which has had a huge impact on the markets pace.

Daily trend of FII/MF investment in equities

The FIIs have bought Indian stocks worth a net of Rs77.00 crore on December 07, 2010 as against net buy of Rs542.20 crore on December 06, 2010. The domestic investors have sold Indian shares worth a net of Rs269.10 crore on December 03, 2010.

Global signals

European shares hit a four-week closing high on Tuesday, boosted by economic recovery hopes after the United States extended Bush-era tax cuts, while miners gained on rising demand expectations.

US markets closed flat on Tuesday, after trading with strong gains throughout the day, as early enthusiasm over a controversial deal to extend tax cuts was replaced by caution.

Asian markets were trading lower except Japanese Nikkei, after exporters lifted the Tokyo market as yen weakens. SGX Nifty was trading 35.5 points lower, indicating towards a weak start on the Indian markets.

Commodity cues

Oil fell on Tuesday after four straight gains, as dollar bounced from its lows and cautious investors took profits after the dollar's early slip. The crude oil futures for January 2011 declined by $0.69, to settle at $88.69 a barrel.