Negative start likely; Infy results eyed

The Asian picture looks bad start so the opening on the Dalal Street is expected to be weak. SGX Nifty is also trading 24 points lower. Events for the day: Results: Infosys, TCS. IIP data for May 2012. Headlines for the day: SpiceJet to start 6 new international flights. RPower ties up $1.1 bn Chinese loans for Sasan project. Cox & Kings, Abacus Int tie up for distribution of services. Jindal Group to set up Rs1,500-cr textile unit in Nashik. Indian Indices: The IT bellwether Infosys Technologies will announce Q1FY2012 results today. The results will set the tone for the overall IT sector performance this quarter. The earnings of the company and its future guidance will have a significant impact on the market's movements. IT companies’ shares will remain in action today. Other IT company which results are going to be announced today is Tata Consultancy Services (TCS). Looking ahead, the market could witness increase in volatility due to announcement of index of industrial production ( IIP) numbers for May 2012. The key indices may remain in a narrow range and continue to trade volatile. Profit booking is likely to take the benchmarks to another low. Today’s opening on the Dalal Street is expected to be on a lower note tracking weakness across the Asian region. SGX Nifty is also trading 24 points lower. On Wednesday (July 11, 2012), the Sensex settled at 17489, down by 129 points while the Nifty closed at 5306, slipping by 39 points. Global Indices: Asian stock markets barely budged on Thursday (July 12, 2012) as the U.S. Federal Reserve appeared to put off taking more aggressive stimulus steps until economic conditions worsen, offering investors few reasons to take risks with second-quarter earnings painting a globally gloomy picture. European equities steadied on Wednesday, with a weak start to the second quarter reporting season from the autos and luxury sectors denting sentiment, but technical support levels put a lid on losses in thin and jittery summer holiday trading. US stocks edged lower on Wednesday, putting the S&P 500 index on pace for its fifth straight decline before the release of minutes from the Federal Open Market Committee's June meeting. Daily trend of FII/MF investment in equities: The FIIs have been the net buyers Indian stocks to the tune of Rs635.70 crore on July 10, 2012. The domestic investors sold Indian shares worth a net of Rs123.90 crore on July 10, 2012. The data is as per the SEBI website. Commodity Cues: Crude oil rose on Wednesday, after a volatile session despite a mixed message from the U.S. Federal Reserve that it may opt for more easing policies, but only if the economy weakens further.