TANK…God it’s Friday!

There is no greater importance in all the world like knowing you are right and that the wave of the world is wrong, yet the wave crashes upon you. - Norman Mailer.

It’s not the end of the world. A global carnage in the financial markets was perhaps long overdue. The initial jubilation over the passing of the US debt deal has swiftly given way to considerable pain. It’s a sea of red across world markets. Relatively safer havens like gold, bonds, yen and Swiss francs may temporarily attract interest.



Amid the bloodbath, there is reason to rejoice; the steep fall in crude oil sounds good. Whether this is a temporary panic selloff or a deeper capitulation is anybody’s guess. Medium to long term gains are made in times like these. You don’t have to be very brave to step in if you have the money.

A plunge at start is a given and we really can’t give hopes of a recovery later. Offshore markets will have to

change the sentiment. Today’s monthly jobs report will be extremely important data point given the mounting concern over the health of the US economy.

It would be futile to detail how badly the fall has been across global markets and asset classes. Maybe just 'Thank God it’s Friday' and take time to relax over the weekend.

FIIs were net sellers of Rs 2.54bn in the cash segment on Thursday, according to the provisional NSE data. The domestic institutional institutions (DIIs) were net buyers at Rs 3.16bn on the same day. FIIs were net sellers at Rs 13.91bn (provisional) in the F&O segment.

The foreign funds were net sellers of Rs 8bn in the cash segment on Wednesday, according to the final SEBI data. Mutual Funds were net buyers of Rs 234mn on the same day.

Results Today: Aban Offshore, Bosch, BPL, Cipla, Claris Lifesciences, Escorts, GE Shipping, HOEC, IL&FS Transportation, Indowind Energy, Jain Irrigation, MOIL, Ranbaxy, Redington India, Sundram Fasteners, Welspun India and Wyeth.

Global Data Watch: Germany's industrial production, US non-farm payrolls, BOJ's monthly economic survey and UK PPI.