Results remain in focus

That action is best which procures the greatest happiness. - Francis Hutcheson The market action on Monday indeed brought happiness as indices staged a smart recovery after opening down. The Nifty remains in a tight range of 5650-5740 and is looking to break out either way for the last 10 trading sessions. A flat opening is in the offing. The main US indices ended almost unchanged while the Asian markets are mostly a tad higher. With Wednesday being a trading holiday on account of Dussehra investors may adopt a guarded approach. Companies like Cairn India and Idea Cellular could be in focus as their results rolled in after market hours. The dollar fell against the euro and the British pound but moved up versus the Japanese yen. Oil for December delivery was down $1.79 at $88.65 a barrel. Acquisitions are making headlines with Rain Commodities announcing taking a 100% stake in Rutgers, a Belgium-based coal tar pitch manufacturer, for Rs49.18bn. In another development, Dr Reddy’s Laboratories says it would buy OctoPlus NV for Rs1.93bn. L&T Finance Holdings says it will acquire FamilyCredit Ltd for Rs1.20bn, Key Results Today: Arvind, Castrol India,Gokul Refoils,Hero MotoCorp, Indiabulls Real Estate, JPPOWER, Lupin, Indiabulls Infrastructure and Power Ltd, Yes Bank, Wyeth, United Phospohorous, SKF India, Rolta India, Prism Cement, Onward Technologies, RPG Lifesciences Ltd Trend in FII flows: The FIIs were net buyers of Rs.801.1mn mn in the cash segment on Friday while the domestic institutional investors (DIIs) were net buyers of Rs.1.12bn, as per the provisional figures released by the NSE. (Not updated) The foreign funds were net buyers of Rs.4.10bn in the cash segment on Monday while the mutual funds were net sellers of Rs.1.49bn on Friday, according to the SEBI figures. Global Data Watch today: Nationwide Housing Prices n.s.a GBP (YoY) (Sept), Nationwide Housing Prices S.A GBP (MoM) (Sept), 6-Month Letras Auction (EUR), BBA Mortgage Approvals GBP (Sept), Retail Sales (MoM) CAD (Aug), Retail sales ex Autos (MoM) (Aug), Redbook index USD (YoY), Redbook index USD (MoM), BOC Interest rate Decision CAD (Oct 23), Consumer Confidence EUR (Oct), Richmond Fed Manufacturing Index (Oct), 4-week Bill Auction (USD), BoE's Governer King Speech (GBP) In other news in the media….. Within two months of cutting rates on home and auto loans by 25-50 basis points, the State Bank of India is seeing a major growth in these segments. While home loan applications have nearly tripled, demand for auto loans has risen four-fold. (ET) Holcim’s plan to charge two % of revenues as royalty from subsidiaries ACC and Ambuja Cement has hit a roadblock, as independent directors of Ambuja Cement have sought details of the technology transfer involved. (BS) Corporates are optimistic about improvement in business conditions in the next six months despite economic slowdown and global uncertainties, according to Assocham Bizcon survey.(ET) Despite advance estimates of the kharif output showing a decline this year in value terms, agriculture production would post a positive growth of 1-1.5 % this year, said Abhijit Sen, member of the Planning Commission.(BS) The Reserve Bank of India (RBI) is working on a way to include liquidity held by banks under the current mandate to get eligibility under the Basel-III regime as well. (BS) The textile sector is on the upswing in Maharashtra due to the new textile policy. Since April, the State has managed to attract Rs.38.34bn in investments in 411 new textile projects, said State Textile Minister Arif Naseem Khan on Monday.(BL)