Mkts to bid farewell to 2010 on a fim note

The Indian markets are expected to begin the last trading session of 2010 on a firm note taking lead from the positive Asian markets.

Headlines for the day:

Core sector grows at 21-month low of 2.3%

Banks raise funds at up to 9.8%

ONGC hires deepwater rig from Vantage for $1 billion



Events for the day:

Major corporate action

C Mahendra Exports IPO opens today
Ex-date for bonus issue of Selan Exploration Technology
For more events and news, log on to Sharekhan.com

Pre-market report

Indian indices

The Indian markets are expected to bid farewell to 2010 on a steady note tracking slightly higher Asian markets.

However, the recent rally and light holiday trading volume may leave the Indian markets more susceptible to volatile swings. The markets are expected to continue its rangebound trend as investors may be reluctant to take large positions before the new year. Though strong volumes in the markets are likely to be seen past the holiday season.

The Sensex and the Nifty have gained 316 points (1.57%) and 90 points (1.50%) respectively in this week till now.

Daily trend of FII/MF investment in equities

The FIIs have bought Indian stocks worth a net of Rs605 crore on December 30, 2010 as compared to the net buy of Rs149.40 crore on December 29, 2010. The domestic investors have sold Indian shares worth a net of Rs233.60 crore on December 28, 2010.

Global signals

European shares closed lower on Thursday, paring some of December's strong gains on the last day of trading in countries including Germany, Spain and Italy, with China growth and euro zone debt concerns weighing on sentiment.

US markets closed slightly lower on Thursday as a trio of better-than-expected economic data wasn't enough to entice buyers to take on much risk in a market sitting on strong gains just before the new year.

The Asian markets were trading higher with some modest gains. Nikkei and Seoul Composite indices are shut today. SGX Nifty was trading 8 points higher, indicating a positive start on the Dalal Street.

Commodity cues

Crude oil prices slumped on Thursday, dropping below $90 a barrel, as investors focused on booking year-end profits after the recent rally above $91. Crude for February delivery declined by $125, to settle at $89.84 a barrel.