Markets may rise at start on good global cues

Signs that the referendum may be abandoned and a rate cut from the European Central Bank raised hopes for an easing of the region's debt crisis. Today’s start is likely to be on a positive note on strong global cues.

Headlines for the day:

RIL, Reliance Comm in talks for sharing telecom infra

ARSS Infra buys back 6.2% shares pledged with IFCI

ONGC gas output may jump 75% in 5 years: Oil Min

Oil Min for urgent action to help oil PSUs

I-T searches Raymond group premises

Events for the day

Results: Apollo Hospitals, Bharti Airtel, ONGC



Indian Indices:

News out of Europe has kept investors nervous for months. But the European Central Bank provided a happy surprise early to investors with an interest rate cut, a sign of a more aggressive approach to confront weak growth in the region. The Indian markets may begin a last day of the week on a positive note tracking strong global cues. The markets are expected to trade in green as Greece called off a plan to hold a referendum on a bailout package for the country proposed by the European Union. Greek Prime Minister George Papandreou said he was open to scrapping the referendum if the opposition backed the bailout package.

Also, results will remain in focus. Other companies that are going to announce quarterly results today include Glaxosmithkline Consumer Healthcare, Glaxosmithkline Pharmaceuticals, Marico and Nestle India.

Petrol prices have risen by Rs1.80 per litre, delivering another blow to consumers who are already battling stubbornly high double-digit food inflation and potentially accelerating the shift to diesel by car buyers and factories. This is the 13th increase in petrol prices since the fuel was decontrolled in June last year. Oil companies shares will hog the limelight in today’s trade.

Daily trend of FII/MF investment in equities

The FIIs have purchased Indian stocks to the tune of Rs194.10 crore on November 03, 2011. The domestic investors sold Indian shares worth a net of Rs48.80 crore on November 02, 2011. The data is as per the SEBI website.

Global signals

The European shares rose strongly on Thursday (November 03, 2011), boosted by the European Central Bank cutting interest rates and optimism that Greece will scrap plans for a referendum on its bailout package, easing worries it may leave the euro.

The US stocks rallied for a second day on Thursday, as Greece backed away from a proposed referendum that threatened its membership in the euro, which could destabilize global markets.

The Asian stock markets surged on Friday (November 04, 2011), on hopes Greece will abandon a proposed referendum over a euro-zone bailout but investors remained cautious over a confidence vote later in the day in the Greek parliament. SGX Nifty was trading 55 points higher, indicating a positive start for the Indian markets.

Commodity cues

Oil prices rose on Thursday as Greece's government backed away from a proposed referendum on staying in the euro and a rate cut from the European Central Bank raised hopes for an easing of the region's debt crisis.