Rally fizzles out; Markets set for a weak opening

Weakness across the globe may pull the markets down in the opening trade. Lingering euro zone debt crisis and concerns about the faltering global economy may weigh on the sentiments.

Headlines for the day:

Airtel, Vodafone, Idea threaten to exit 3G

Reliance readies big-bang entry into new sectors

Property prices go down across nine cities in September quarter

Kingfisher Airlines needs more funds to stay afloat: Auditor

ONGC withdraws FPO papers, to file again if asked

CIL appoints PFC to select partner for Orissa project

Thomas Cook in debt crisis



Events for the day:

Results: United Breweries, Bajaj Hindusthan, GTL Infrastructure

Indian markets:

After one-day relief, the Indian markets may again come under pressure owing to ongoing concerns about the worsening debt crisis in Europe where rising yields suggest the outlook continues to deteriorate and stocks have been tied to the European credit market's volatility.

Weakness across the globe may pull the markets down in the opening trade. Caution remains as a downward revision of the US growth data raised new concerns about the faltering global economy. Volatility may be seen ahead of F&O expiry. Markets will also focus on Q2 results of companies such United Breweries, Bajaj Hindusthan and GTL Infrastructure.

Daily trend of FII/MF investment in equities

The FIIs have sold Indian stocks to the tune of Rs601.10 crore on November 22, 2011. The domestic investors purchased Indian shares worth a net of Rs212.80 crore on November 21, 2011. The data is as per the SEBI website.

Global signals

The European shares fell for a fourth straight session in light trading on Tuesday (November 22, 2011), with record-high yields at a Spanish debt auction weighing on banks and showing investors are far from convinced the euro zone is on track to solve its debt crisis.

The US stocks slipped on Tuesday, as investors weighed slower-than-expected domestic economic growth and continued euro zone concerns against signs that the Federal Reserve may take new steps to bolster the economy.

The Asian stock markets drifted lower on Wednesday (November 23, 2011), weighed down by mining and technology stocks after a downward revision of US growth data raised new concerns about the faltering global economy. SGX Nifty was trading 47 points lower, suggesting for a weak opening on the Indian bourses. Nikkei remains shut on Wednesday.

Commodity Cues

Crude oil prices surged in choppy trading on Tuesday as efforts to strengthen sanctions on Iran and regional unrest hiked the geopolitical fear premium and offset worries about global economic growth.