Flat start on the cards

The Indian markets may begin the trade on a flat note on the back of mixed global cues. SGX Nifty is trading 3.50 points higher. Events for the day: Ex-date for dividend of CMC. Headlines for the day: Fitch lowers credit rating outlook of GAIL, IOC, NTPC. Fitch revises India's outlook to negative. SBI rate cut hints at deteriorating assets. Fuel retailers hold petrol prices. Airlines will cut domestic fares by 5-20%: govt. Indian Indices: Yesterday, the markets drifted lower on release of RBI mid quarter monetary policy review in which the key rates were kept unchanged. Today, the Indian markets may open on a flat note tracking mixed global cues. SGX Nifty is trading 3.50 points higher. On Monday (June 18, 2012), the Sensex settled at 16706, down by 244 points while Nifty closed at 5064, slipping by 75 points. Global Indices: Asian shares fell on Tuesday (June 19, 2012), as the post-Greek election relief rally quickly ran out of steam, with rising Spanish and Italian bond yields signaling that European leaders still have much to do to contain the euro zone debt crisis. European shares surged to their highest level in about a month on Monday (June 18, 2012) after a victory for pro-bailout parties in Greece eased the fears of a sudden Greek exit from the euro zone, although traders warned the rally may be short-lived. US Stocks closed mixed on Monday as there was increasing fear of euro zone debt crisis despite of a victory for pro-bailout parties in the Greek election. Daily trend of FII/MF investment in equities: The FIIs have been the net buyers Indian stocks to the tune of Rs392 crore on June 17, 2012. The domestic investors sold Indian shares worth a net of Rs275.50 crore on June 14, 2012. The data is as per the SEBI website. Commodity Cues: Oil prices slipped on Monday, erasing early gains after a pro-bailout vote in Greece failed to ease concerns about the euro zone while analysts said oversupplied crude markets would cope with any loss of Iranian oil.