Markets likely to open on a weak note

The opening is expected to be on a negative note led by global weakness amid persistent worries over global economic outlook.

Headlines for the day:

PSU may hike petrol price from June 16

SBI to complete Rs20,000-cr rights issue by December

Bharti Airtel takes tower sharing to Africa



Events for the day:

Major corporate action

Weekly inflation to be announced today, to view the update on this, kindly log on to Sharekhan.com at 12 pm.
GCV Services board to consider stock split

Pre-market report

Indian indices

Today’s opening is likely to be on a sluggish note owing to the weakness in the global markets due to persistent concerns over global economic outlook.

The Indian markets are expected to remain sideways and follow global trend. Weekly inflation readings will be out today and markets may witness volatility.

The third meeting of Group of Ministers (GoM) on coal is expected to meet today, to discuss the issues affecting the production of coal in the country.

The much awaited National Manufacturing Policy proposed in this year’s budget will be finalised by the Prime Minister Manmohan Singh today. Giving the manufacturing sector a boost, which has been very high on the government’s agenda. The Q4 GDP manufacturing growth has only been about 5.5% and for the year it’s been only 8.5%. This policy aims at manufacturing growth of about 12-14% in the medium-term.

Daily trend of FII/MF investment in equities

The FIIs have bought Indian stocks worth a net of Rs36.30 crore on June 08, 2011 as compared to the net sell of Rs423 crore on June 07, 2011. The domestic investors have bought Indian shares worth a net of Rs27.10 crore on June 07, 2011.

Global signals

The European markets fell on Wednesday (June 08, 2011) to their lowest close in three months, with analysts expecting more selling after US Federal Reserve Chairman Ben Bernanke's downbeat view on the US economy.

The US markets extended losses for the sixth straight day on Wednesday as investors worried that a slowing economy could deepen the market's retreat.

The Asian markets were trading lower following overnight Wall Street losses. SGX Nifty was trading 19 points lower, indicating towards a negative start on the Indian market.

Commodity cues

Crude oil prices rose on Wednesday after OPEC failed to reach a deal to increase output, raising fears of supply shortages later this year.