In moments like these…

Doing the best at this moment puts you in the best place for the next moment. - Oprah Winfrey quotes.

As expected, the Indian market largely emerged unscathed a day after Mumbai was rocked by fresh terrorist strikes. But, the undertone is still jittery over a spate of local and global headwinds. For the moment, we expect a sluggish start at best. Asian markets are mixed and indecisive. US indices ended near day’s low yet again. European equities too declined.



As if the concerns on eurozone credit crisis were not enough, the world now has to contend with back-to-back warnings on US debt situation. The dollar is down while gold is near record high as global risk appetite has waned slightly. Watch out for the outcome of European banks’ stress test later today.

Back home, inflation is most probably in double digits and could rise further as the full effect of last month’s fuel price revision unfolds. June data came in a tad lower than estimate but April’s reading was revised by 1%. So, it’s a given that another 25 bps rate hike is coming on July 26. Markets may have already priced that in though. Nevertheless, rising rates and high inflation will continue to haunt India Inc. for some time to come.

Meanwhile, share of TCS will advance after the IT major came out with stunning Q1 results and the management exuded confidence for the Company's business prospects going forward, notwithstanding headwinds confronting the key markets.

Standard & Poor's has placed US credit ratings on watch, a day after a similar action was taken by competitor Moody's. S&P says there is 50% chance of a US downgrade.

Negotiations on Thursday between US President Barack Obama and congressional leaders ended without reaching a deal on the country's debt, according to media reports. The US president is likely to address reporters on Friday.

In his second day of congressional testimony, Federal Reserve Chairman Ben S. Bernanke repeated his statement that the Fed stood ready to take more action should the economy weaken further. But, Bernanke also said that inflation was higher now than it was late last year, so the Fed is not ready yet to take action.

FIIs were net buyers of Rs 2.11bn in the cash segment on Thursday, according to the provisional NSE data. The domestic institutional institutions (DIIs) were net buyers at Rs 5.17bn on the same day. In the F&O segment, the foreign funds were net buyers at Rs 768.1mn.

The foreign funds were net buyers of Rs 1.5bn in the cash segment on Wednesday, according to SEBI data. Mutual Funds were net sellers at Rs 589mn on the same day.

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Sugar in the overseas markets fell the most in eight weeks on signs that production in Brazil, the world’s biggest grower, will be higher than expected. Coffee and cocoa retreated.

Italian-government-bond yields edge higher, adding to the fears about a deepening euro-zone debt crisis.

Separately, the Italian Senate passed the government's four-year, 40 billion euro {$56.6 billion) austerity plan, sending the package to the parliament's lower chamber where it is expected to win approval on Friday.

Spain’s biggest savings bank, Bankia, gears up for an IPO next week, in the face of sovereign debt worries, market turmoil and stress tests.

Google's results have handily surpassed most Wall Street expectations, fueled by a significant increase in demand for its online advertising.

FBI has launched a probe into hacking allegations against News Corp.

BHP Billiton Ltd., the world’s largest mining company, has agreed to acquire Petrohawk Energy Corp. for about $12.1 billion in cash.