Indices set to open flat

Always act like you're wearing an invisible crown. ~Author Unknown The RBI seems to have a mind of its own when it comes to its policy measures. The Finance minister isn’t impressed and has hinted that Government intends to face the challenge of reviving growth on its own. The RBI cut CRR by 25 basis points. Its decision to keep the key interest rate unchanged led to the indices witnessing a drop not seen for the last three weeks. The Bankex shed over 2%. With Tuesday’s fall, the Nifty has broken out of its trading range we have been mentioning for a while violating the key support of 5630 levels. That level may well turn into a new resistance for the time being. The opening is set to be flat with no major triggers really. Corporate results will continue to be eyed. The Asian markets are mostly positive. U.S. markets remained closed on Tuesday on account of the storm Sandy. The Bank of Japan (BoJ) boosted its monetary stimulus for the second month in a row and topped up its asset buying and lending programme by 11 trillion yen ($138 billion) to 91trn. Meanwhile, mark your calendars for the special Muhurat trading session which will be conducted on account of Diwali on November 13. Trading would be conducted between 1545 hours and 1630 hours on the day, as per information available with the NSE. Key Results Today: Aarti Inds, Aditya Birla Chemicals, Accel Frontline, Amarjothi Spinning, Aptech, Bata India, Bilcare, Birla Ericsson, Bharat Forge, CCS Infotech, Century Textiles, Eros Intl Media, DCW, Claris Lifesciences, Deepak Fertilisers, Gravity India, GTL Infra, Financial Technologies, Jindal Stainless, J&K Bank, Hindustan Wires, Hindustan Bio Sciences, IFB Agro, JMC Projects, Kalpataru Power, Karur Vysya Bank, LIC Housing Finance, NRB Bearings, NHPC, Navneet Publication, Monsanto India, Orient Paper, Power Grid Corp, Premier Inds, SANOFI, Shriram City Union, TATAGLOBAL, Sree Sakthi Paper, Titan Inds, VIP Inds, Universl Cables, TVS Motor. Trend in FII flows: The FIIs were net sellers of Rs1.91bn in the cash segment on Tuesday, while the domestic institutional investors (DIIs) were net buyers of Rs318.4mn, as per the provisional figures released by the NSE. The foreign funds were net buyers of Rs.6.48bn in the cash segment on Tuesday, according to the SEBI figures. Global Data Watch: RBA Deputy Governor Lowe Speech AUD, Unemployment Change (Oct) EUR, Unemployment Rate s.a. (Oct) EUR , Consumer Confidence (Oct) EUR, Business Climate (Oct) EUR, Economic Sentiment Indicator (Oct) EUR, Industrial Confidence (Oct) EUR, Services Sentiment (Oct) EUR, 10-y Bond Auction EUR, CBI Distributive Trades Survey - Realized (MoM) (Oct) GBP, Eurogrup meeting EUR, Industrial Product Price (MoM) (Sep) CAD, Raw Material Price Index (Sep) CAD, Redbook index (MoM) USD, Redbook index (YoY) USD, S&P/Case-Shiller Home Price Indices (YoY) (Aug) USD, BoC Governor Mark Carney Speech CAD, Building Permits s.a. (MoM) NZD, Nomura/ JMMA Manufacturing Purchasing Manager Index (Oct) JPY In other news in the media: The Aditya Birla Group has created unified management structures for its global chemicals, textiles and fibre businesses as it embarks on a fresh round of restructuring to cut costs. (ET) The country’s competition watchdog has exonerated five major tyre companies Apollo Tyres, Birla Tyres, MRF, Ceat and JK Tyre — of cartelization charges. (ET) Reserve Bank of India has hiked the amount required to be set aside for restructured loans from 2% to 2.75%. (BL) The Land Acquisition Bill is likely to be placed before the Cabinet on November 15. In the latest change made by the Ministerial panel, 80% consent would be required from land owners if the Government acquires land for a private project for public purpose. (BL)