Markets may see a terrible start on global meltdown

Today’s start is excepted to be scary looking at a drastic fall across the globe. Panic selling will lead to a weak trade. SGX Nifty is trading 63.50 points lower. Events for the day: Ex-date for 2nd interim dividend of TVS Motor Company. Ex-date for stock split of Shubham Granites. Headlines for the day: RIL relents, signs gas supply pacts with Pragati Power, NTPC. Bharati Shipyard promoters to infuse Rs118 cr for CDR. Telecom Minister to continue to finalise new licence norms. DoT to finalise auctioneer on July 10 for spectrum auction. Indian Indices: It appears to be a oversold market that has come down far too rapidly. Today’s start is not going to be something different, as the Indian markets are expected to witness a terrible start led by weak global peers. Panic selling will led to a weak trade. Later in the day, markets will track global peers for further direction. SGX Nifty is trading 63.50 points lower. On Friday (June 01, 2012), the Sensex closed at 15965, down by 253 points while Nifty settled at 4841, slipping by 82 points. Global Indices: Asian shares tumbled on Monday, pushing the broader Tokyo market to a 28-year low, as investors extended the route of global stocks and worried about a nightmare scenario of euro-zone breakup, US economic relapse and a sharp slowdown in China. European shares tumbled to six-month lows on Friday (June 1, 2012), and braced for further losses as weak economic data from the United States and Europe casted new shadows of global economic recovery prospects. US stocks slipped more than 2% on Friday, dragging the Dow Jones into negative territory for the year after a dismal US jobs report added to fears that Europe's spiraling debt crisis was dragging down the world economy. Daily trend of FII/MF investment in equities: The FIIs have been the net sellers Indian stocks to the tune of Rs634.70 crore on May 31, 2012. The domestic investors sold Indian shares worth a net of Rs457.30 crore on May 31, 2012. The data is as per the SEBI website. Commodity Cues: Crude oil futures tumbled on Friday on increasing signs of a global economic slowdown.