Healthy start likely on EU rescue deal

A long-awaited plan to resolve the European debt crisis encouraged global investors to put money back in markets. It is expected to be a strong start tracking buoyant global stocks.

Headlines for the day

Greek debt deal ignites global market rally

Manufacturing policy to offer tax sops on case-to-case basis

PSBs to wait for capital

BSNL dials SOS on roaming pacts

Sebi green light for new companies bill



Events for the day

Results: Tata Global Beverages, NHPC, Bharat Electronics, Redington (India), Indian Hotels

Indian indices

Markets across the globe got a boost after euro zone leaders struck an agreement with private lenders for the latter to accept a 50% loss on their Greek government bonds. Additional support came from data showing the US economy grew in the third quarter at its fastest pace in a year, bringing relief to investors who weeks ago feared the world's largest oil consumer would lapse into another recession.

Given the positive nature of GDP report, as well as settling of some European debt concerns, the path has been paved for bullish moves in coming sessions for commodity and equity prices. Today's opening is likely to be on a healthy note on euro zone deal.

Earnings will continue to flow in and may impact the sentiments. Other companies scheduled to report quarterly results today include Tata Elxsi, Tatasponge, V-Guard Industries and Astra Microwave Products.

On Thursday (October 27, 2011), food inflation raced ahead to 11.43%, to over 6-month high for the week ended October 15 from 10.60% in the previous week owing to a relentless surge in prices of vegetables, fruits, milk and protein-rich items.

Daily trend of FII/MF investment in equities

The FIIs have purchased Indian stocks worth a net of Rs146.80 crore on October 25, 2011. The domestic investors have sold Indian shares worth a net of Rs89.90 crore on October 24, 2011. The data is as per the SEBI website.

Global indices

The European shares soared to their highest close in 12 weeks on Thursday (October 27, 2011), with banks surging after European Union leaders struck a deal to help resolve the euro zone debt crisis.

The US stocks surged 3% on Thursday as an agreement by European leaders to help contain the region's two-year debt crisis lifted a cloud hovering over markets.

The Asian stocks rose on Friday (October 28, 2011), poised for their best week in nearly three years, as EU deal puts risk back in favor. SGX Nifty was trading 88 points higher, suggesting for a healthy start on the Indian bourses.

Commodity cues

Crude oil rallied 4% on Thursday, primed by a deal on Greek debt that many analysts said bodes well for resolving the euro zone crisis.