No respite; Nervousness may remain at start

On the last day of the week, the Indian markets are set for a negative start again as global sentiment continued to look jittery.

Headlines for the day:

Production hit at Dr Reddy's Laboratories Hyderabad unit due to strike

ECS suggests rejecting RIL bid for 2 blocks

Government to consult IOC on Kingfisher's plea for jet fuel import.

RBI careful of using forex reserves to support rupee.



Events for the day

Ex-date for interim dividend of Prism Informatics

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Indian Indices:

Investors have been increasingly focused on Europe, and markets were cautious as bond yields in Spain and Italy rose to levels viewed as unsustainable. Despite positive economic data from the US, the global markets were spooked by surging bond yields in euro zone nations.

On the last day of the week, the Indian markets are expected to extend losses as global sentiment continued to look jittery. Markets may remain volatile on uncertainty in Europe.

Daily trend of FII/MF investment in equities

The FIIs have sold Indian stocks to the tune of Rs462.10 crore on November 17, 2011. The domestic investors purchased Indian shares worth a net of Rs59.10 crore on November 16, 2011. The data is as per the SEBI website.

Global signals

The European stock markets hit their lowest close in six weeks on Thursday (November 17, 2011) on concerns a debt crisis in the euro zone could spiral out of control after Spain and France paid a higher price at their debt auctions.

The US stocks fell on Thursday, as euro zone worries intensified about rising borrowing costs for France and Spain.

The Asian stock markets declined on Friday (November 18, 2011), heading for a third week of losses, as concern grew that Europe’s debt crisis is spreading and China’s banking regulator was said to warn of rising bad loans. SGX Nifty was trading 37 points down.

Commodity cues

Oil prices tumbled on Thursday, with U.S. crude dropping 4% as investors booked profits a day after a surge to five-month highs tested key technical levels.

Gold prices stood at Rs28965, down by 1.75% on Thursday. Gold fell as investors fearful of deepening European woes bailed on commodities and technical triggers set off sell orders.