Markets expect a positive start

Tracking gains in the Asian stocks, the Indian markets are likely to open on a positive note. Caution may prevail ahead of Europe summit

Headlines for the day:

Tata Motors to raise $750 mn via ECBs
SBI hikes home loan tenure to 30 years
M&M promoters raise stake to 25%-plus
Siemens sees growth in low-cost products



Major corporate action

Stock Split in Blue Circle Services
Results: L&T, JSW Steel, Godrej Consumer Products

Indian indices

The Indian markets are expected to remain cautious ahead of Europe summit and signs of progress in resolving the region's debt crisis will be awaited. Today’s opening is likely to be on a positive note tracking gains in the Asian equities and US markets.

Other companies scheduled to report results today include Asian Paints, Indiabulls Financial Services, Gujarat Fluorochemicals, Idea Cellular and Federal Bank. Markets may also look for results for further direction.

Daily trend of FII/MF investment in equities

The FIIs have bought Indian stocks worth a net of Rs17.30 crore on October 20, 2011. The domestic investors have sold Indian shares worth a net of Rs9.40 crore on October 19, 2011. The data is as per the SEBI website.

Global signals

The European shares hit a two-week closing low in a choppy session on Thursday (October 20, 2011) as doubts whether a European Union summit planned for Sunday will go ahead overshadowed news that the region's rescue fund will be able to buy bonds on the secondary market.

The US stocks ended with modest gains on Thursday, shifting back and forth on incremental developments in Europe where leaders sought to reassure investors that a solution to the debt crisis would come soon.

The Asian shares inched up on Friday (October 21, 2011), but markets largely stayed within range, as investors awaited a weekend meeting of European leaders for signs of progress in resolving the region's debt crisis. SGX Nifty was trading 4 points higher.

Commodity cues

Crude prices rose on Thursday, after a joint statement from France and Germany eased concerns about deep divisions hampering efforts to resolve Europe's debt problems.