Markets may begin lower on global pressure

Global weakness may drag Indian markets in the opening trade. Weekly inflation numbers will be declared today.

Headlines for the day:

More rate hikes likely to follow, says FM

Cox & Kings to buy UK travel firm for Rs2,300 crore

Cadila Healthcare buys German firm from ICICI Venture



Major corporate action

F&O expiry for July
India’s weekly inflation to be announced today, to view the update on this, kindly log on to Sharekhan.com at 12 pm.
Bharatiya Global Infomedia to list today
Results: ACC, Ambuja Cements, Andhra Bank, Corporation Bank

Indian indices

Today's opening is likely to be on a weak note on account of negative global markets owing to uncertainty over the US debt ceiling debate.

The market may remain volatile as traders rollover positions in the derivatives segment from July 2011 series to August 2011 series owing to the expiry of July 2011 derivatives contracts today. Weekly inflation numbers will be out today.

Equity shares of Bharatiya Global Infomedia will be listed on the bourses today. The issue price has fixed at Rs82 a share, at higher end of price band of Rs75-82 a share.

Other companies scheduled to report quarterly results today include Hindustan Unilever, IFCI, Indian Overseas Bank, ITC, Jindal Steel & Power, National Fertilizers Ltd, NMDC, ONGC, Punjab National Bank, Sun Pharmaceutical Industries, Titan Industries, Vijaya Bank; stocks will be eyed.

Daily trend of FII/MF investment in equities

The FIIs have sold Indian stocks worth a net of Rs42.30 crore on July 27, 2011 as compared to the net buy of Rs240.30 crore on July 26, 2011. The domestic investors have sold Indian shares worth a net of Rs204.70 crore on July 26, 2011. The data is as per the SEBI website.

Global signals

The European markets fell sharply on Wednesday (July 27, 2011), pressured by poorly received earnings reports, a broker downgrade of the banking sector and jitters over the status of US debt-ceiling negotiations.

The Wall Street witnessed the worst day in eight weeks on Wednesday, hit by weak earnings, lackluster economic data and no movement in Washington talks as the deadline for a US default looms.

The Asian markets were trading lower on Thursday (July 28, 2011) following overnight Wall Street's losses. SGX Nifty was trading 39.5 points down, indicating for a negative start on the Indian bourses.

Commodity cues

Crude oil prices declined on Wednesday as data showed that the first release of crude from the US petroleum reserve unexpectedly pushed up domestic inventories last week, adding to concerns over weak economic data.