Negative start likely; Volatile day in store

Mounting European debt concerns may continue to worry markets. The start looks negative today tracking weak global sentiment.

Headlines for the day:

Idea to sell Rs5,850 smartphone in 3G push

Government looking into misuse of complaints against Tata Tele, RCom

IOC signs MoU with BP for acetic acid plant

Cabinet to discuss FDI in multi-brand retail today

RBI directs co-op banks not to process 3-mth-old cheques

Vikram Akula steps down at SKS



Events for the day:

F&O Expiry for the month of November

Release of weekly inflation data

Indian markets:

Debt problems plaguing Europe and the United States have pressured markets. A poor auction of German bonds added to recent worries that the risks from the debt mess are spreading to the core of the euro zone,

Also, a weak economic data from Europe, China and the United States painted a somber outlook for global economy. The start looks negative today tracking weak global sentiment on account of frustration over the euro zone's debt crisis. Volatility may persist owing to F&O expiry for the month of November today coupled with outcome of weekly inflation numbers.

On stock specific, SKS Microfinance will be eyed as the founder of the company Vikram Akula steps down.

Daily trend of FII/MF investment in equities

The FIIs have sold Indian stocks to the tune of Rs862.20 crore on November 23, 2011. The domestic investors purchased Indian shares worth a net of Rs473 crore on November 22, 2011. The data is as per the SEBI website.

Global signals

The European shares slipped on Wednesday (November 23, 2011), to their lowest close in seven weeks after low demand at a German bond auction, while weak Chinese factory data added to concerns about slowing global growth.

The US stocks remained lower on Wednesday as investors were unnerved by weak Chinese data and a failed German government-bond auction, even as a flood of economic data suggested the tepid US recovery was on track.

The Asian stock markets were mixed on Thursday (November 24, 2011). SGX Nifty was trading 33 points lower.

Commodity Cues

Crude oil slumped nearly 2% on Wednesday as weak economic data from Europe, China and the United States painted a somber outlook for global oil demand.