Calm down!

If you can attain repose and calm, believe that you have seized happiness. - Julie-Jeanne.

The market seems to have provided the much needed upturn as Navratri celebrations begin. A smart recovery on Monday and a stellar rally on Tuesday could be followed by a choppy day ahead of tomorrow’s F&O expiry. The start is likely to be sluggish due to indecisive Asian markets. US indices also closed off day’s highs. Multiple resistance levels are placed in the zone of 4990-5030 and the rally can be sustainable if the Nifty closes above 5030.



European stocks continued to rally amid growing optimism about eurozone leaders’ efforts to prevent Greece from defaulting. The Greek parliament passed a new property tax law as part of its austerity drive, sparking fresh round of protests.

Votes are expected in Germany, Finland, Estonia and Austria on whether or not to ratify changes to the $600bn rescue fund. Overall, details about Europe’s plan to contain the credit crisis are still sketchy and vague, leaving ample scope for disappointment. So, betting too much on decisive steps to nip the eurozone troubles in the bud could prove to be risky.

ONGC has given its consent for stake sale in Cairn India to Vedanta Resources, provided Cairn, Vedanta and their affiliates enter a formal agreement with the PSU on royalty and cess conditions.

The government and RIL are formulating a strategy to ramp up output from the KG-D6 block by 30-35 mmscmd.

The government has put on hold the share sale of SAIL amid volatility in the stock markets.

In August, the eight core industries grew at their slowest in 11 months at 3.5%, down from 7.5% in July.

The RBI issued revised draft norms to regulate the growth in securitisation of bank loans. This may increase the securitisation of retail assets like home and consumer durables.

A government panel has said there should be no restrictions on FDI in the Rs470bn pharmaceuticals sector.

FIIs were net buyers of only Rs 340.8mn in the cash segment on Tuesday, according to the provisional NSE data. The domestic institutional institutions (DIIs) were net buyers at Rs 2.70bn on the same day.

FIIs were net buyers of Rs 27.82bn (provisional) in the F&O segment.

The foreign funds were net sellers of Rs 10bn in the cash segment on Monday, as per SEBI data. Mutual Funds were net buyers at Rs 371mn on the same day.

Global Events To Watch: Germany's consumer inflation, US durable goods order and Federal Reserve chairman Ben S. Bernanke's speech.

German Chancellor Angela Merkel says she is confident Germany will support Greece and that she wanted the country to remain in the euro zone, following a meeting in Berlin with Greek Prime Minister George Papandreou.

Meanwhile, Dallas Fed president Richard Fisher says he is worried that the US central bank’s decision to extend the maturity of its balance sheet would not help the world's largest economy. "Recent policy action by the Federal Reserve has yet to show evidence of working, and the additional unconventional measures could likely prove ineffective in boosting employment," he says.

South Korean manufacturers’ confidence held at a 21-month low. An index measuring expectations for October was 86, unchanged from a September reading that was the lowest level since December 2009, the Bank of Korea said in a statement today.

Japan’s home-mortgage costs are dropping, with rates at the lowest since 2009, as a recession deters borrowers and keeps benchmark government bond rates low.