Italian Renaissance!

"If you wish to be happy yourself, you must resign yourself to seeing others also happy" - Bertrand Russell

A flat start awaits the Indian stock market as investors begin to digest the effects or after effects of the global developments. Italian Prime Minister Silvio Berlusconi has resigned to the fact that his stepping down after the adoption of key reforms would boost the image of Italy. Greece is weighing all options or rather finding all avenues to get emergency funds to avert bankruptcy; Prime Minister George Papandreou had announced he will step down.



With a host of results being announced today stock-specific activity will be seen. The inflation and IIP data is also awaited this week. Investors may adopt a cautious approach given the fact that markets are closed tomorrow.

The global markets are more or less positive. Japan’s Nikkei Stock is up almost a percent. South Korea’s Kospi is also up. US indices staged a rally ending nearly at the day’s high.

India's merchandise exports fell to a 12-month low of US$19.9bn in October triggering the trade deficit to rise to a four-year-high of US$19.6 bn in the month. The Centre’s indirect tax revenue dropped 2.5 % to Rs 302.78bn in October.

Results for the day include Ansal Prop, Apollo Tyres ,Bharat Forge, Bhushan Steel, Eicher Motors, GMR Infra, JSW Energy, Glenmark Pharma, Lupin, Bombay Dyeing, CESC, Hindustan Oil, Indian Oil Corp, Jai Corp, Neyveli Lignite, Moser Baer, SBI, Power Finance, Procter & Gamble, PTC India, Ranbaxy Lab, Shriram Transport, Sundram Fast, Tata Comm, Tamil nadu Petro, Trigyn Tech and Voltas.

In other news in the media, NTPC has lost Rs19bn due to six months' delay in award of an equipment tender related to power projects worth Rs530bn because of a court battle over the award of the contract, company sources said.

Kingfisher Airlines plans to cancel 31 flights daily till Nov 19, including four international flights to Bangkok.

A notification on Initial Public Offering (IPO) norms for insurance companies is expected anytime soon, as the Securities and Exchange Board of India (Sebi) has already finalised the guidelines framed by the Insurance Regulatory and Development Authority (Irda).