Some comfort!

As long as you derive inner help and comfort from anything, keep it.- Mahatma Gandhi.

You can take some comfort from the fact that the Indian indices have been showing resilience. The trend is likely to stay intact, at least at start today with a positive one. Asian markets are mostly up. US stocks did well to recover but still closed in the red. European indices were mixed. UK stocks bucked a broad negative trend.



ONGC will be in the spotlight as it has filed documents for its FPO.

FII inflows have gained some traction lately. This is partly the driving force behind the recovery from recent lows. Of course the moot point is whether Indian markets can continue to attract foreign portfolio investment.

A breakout above 5100 could see the Nifty rise a bit further. Key support is likely at 4800.

For the time being, the focus will remain on the ongoing troubles in the eurozone and the US. Friday’s speech by President Obama and Fed chairman Bernanke will be carefully analyzed along with a string of Chinese data points.

Meanwhile, the Finance Ministry has sought ‘consolidated inputs’ from stock exchanges to improve the depth and liquidity of stock markets.

Pipavav Shipyard will also be in the limelight amid reports that Rakesh Jhunjhunwala is all set to pick up a small stake in the company.

Shree Renuka Sugars is in talks with PE players to offload a 25% stake in its Brazilian subsidiary. Telecom stocks could gain after Bharti group Chairman Sunil Mittal said call rates may rise further. Cipla has reportedly shut two of its marketing divisions.

The Bank of Japan is likely to keep rates steady at today's policy meeting. Markets will be keen to know whether it announces any new stimulus measures. Policy decisions are due from central banks in the UK and Eurozone on Thursday.

G7 finance chiefs are due to meet on Friday. August inflation, Advance Tax numbers, RBI policy decision and FOMC meet will be on investors' radar later this month.

FIIs were net buyers of Rs 4.31bn in the cash segment on Tuesday, according to the provisional NSE data. The domestic institutional institutions (DIIs) were net sellers at Rs 4.15bn on the same day. FIIs were net buyers of Rs 6.02bn (provisional) in the F&O segment.

Global Data Watch: UK industrial production, German industrial production, Bank of Canada interest rate decision, Fed's Beige Book survey, .

Australia's GDP grew by 1.2% in the April-June quarter, swinging from a 0.9% decline in Q1 and beating economists' average forecast.

Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said that the US economy didn’t need additional stimulus in August and probably won’t require more easing this month.