Weak start to October!

Whether you think you can or think you can't - you are right. ~Henry Ford.

World markets had their worst quarter since the height of the 2008 financial meltdown, as a chronic credit crisis in the eurozone rattled investors. Anemic growth in the US economy is another factor that dented investor confidence. What’s worse, there are still no signs of hope as national leaders and policymakers continue to grapple with evolving macro-economic problems.



The start is likely to be a bad one due to a steep fall across ‘western’ markets. Asian markets trading this morning have all taken a beating. A spate of disappointing domestic economic statistics will only add to the list of global issues. The Centre’s fiscal situation is in a mess. The current account deficit has swelled and the external debt is also increasing. Inflation of course is the enemy no.1.

The near-term prospects don’t appear too bright amid mounting worries that Greece could default sooner or later. The ECB’s policy meet this week will be keenly followed. US jobs data will be another key data to keep a close watch.

The Nifty closed below 4950 on Friday. The intermediate uptrend could come under threat if the Nifty closes below 4880. That might also lead to a fresh round of selling; the Nifty could re-test its recent lows of 4750.

FIIs were net sellers of Rs 4.59bn in the cash segment on Friday, according to the provisional NSE data. The domestic institutional institutions (DIIs) were net buyers at Rs 5.17bn on the same day.

FIIs were net buyers of Rs 13.27bn (provisional) in the F&O segment.

Global Data To Watch Today: Manufacturing PMI reports from across the world, US vehicle sales and Richmond Federal Reserve Bank President Jeffrey M. Lacker's speech.

Global markets will focus on a meeting of euro-zone finance ministers amid continued efforts to stave off a Greek debt default.

Greece’s government approved 6.6 billion euros ($8.8 billion) of austerity measures, to secure the latest international financial rescue package and avert eurozone's maiden debt default. But, Greek cabinet said that deficit for 2011 and 2012 will be higher in percentage of GDP than agreed to as part of its bailout.