Shock and awe!

Truth makes many appeals, not the least of which is its power to shock. - Jules Renard.

Just when world markets were beginning to settle down comes another jolt from the eurozone. The prime minister of the debt-stricken Greece has stunned everyone by calling for a referendum on the EU bailout deal.

The surprise announcement from Greece has only added to the doubts over the fate of the grand plan to tame the eurozone debt crisis. The fresh turmoil in the financial markets comes ahead of the two-day G20 summit in France later this week.



In another startling move, the Greek PM has replaced the top brass in Army, Navy and Air Force. For the day, attention will partly shift to the FOMC meet and remarks made by Fed chairman Ben Bernanke.

The ECB will take a call on whether to cut rates or not on Thursday while US monthly jobs report will in focus on Friday.

The start today in India will be down on the back of a worldwide selloff in equities. There could be some recovery later in the session if global cues improve. But, given the heightened uncertainty and volatility, it would be prudent to tread cautiously.

FIIs were net sellers of Rs 206.6mn (provisional) in the cash segment on Tuesday, according to NSE data. The domestic institutional institutions (DIIs) were net sellers at Rs 5.73n on the same day.

The foreign funds were net buyers of Rs 5.55bn in the F&O segment on Tuesday, as per provisional NSE data.

FIIs were net buyers at Rs 4.81bn in the cash segment on Monday, according to SEBI web site.

Key Results Today: Allahabad Bank, Andhra Bank, Berger Paints, Hindustan Motors, ICRA, Karur Vysya Bank, L&T Finance, Navneet Publication, Omnitech, Onmobile, Orient Paper, Piramal Life, Rico Auto, Taj GVK Hotels, Trent, Tube Investments and Uflex.

Global Events Today: UK Halifax House Prices (Oct), Germany and EU manufacturing PMI, Germany unemployment rate, US ADP Employment Change (Oct) and FOMC announcement.