Flat open, some buying likely

Every moment of one's existence one is growing into more or retreating into less. - Norman Mailer There seems to be no sense of urgency in lapping up stocks as sentiment continues to be impacted by a host of global factors. World markets continue to depress and the start is set to be flat. Asian markets are inching higher and this could bring some respite from the selling witnessed in recent days. Negative reports on the US economy continue. The US indices came tumbling for the fourth straight day. President Obama will discuss the fiscal cliff with Republican and Democratic leaders of Congress. Data on Thursday showed new claims for unemployment benefits rose last week. Factory activity shrank in November on account of superstorm Sandy. Federal Reserve Chairman Ben Bernanke said the Fed is willing to do what it can to help the housing market adding that though housing is rebounding, it still faces challenges. Meanwhile, the eurozone has officially slipped into recession in the third quarter. Growth among the 17 euro countries was reported shrinking 0.1%. The change of guard in China saw Communist Party naming its next seven leaders. Back home Oil marketing companies will be in focus as a Re 1/litre cut in petrol prices has been announced. In International news, BP agreed to pay $4.5bn in government penalties, Attorney General Eric Holder announced. The rupee touched a two-month low of 55.08 and closed at 54.70, a gain of 18 paise. The rupee has shed around 1.3% this week in three trading sessions. China is set to become the largest importer of the precious metal by the end of this year, overtaking India marginally, the World Gold Council said. Results Today: Easun Reyrolle Trends in FII flows: FII trading activity on NSE and BSE in Capital Market Segment showed FIIs were net buyers of Rs464mn as per the provisional figures released by the NSE. DIIs were net sellers to the tune of 3.81bn as per figures released by the NSE. Global Data Watch: Current Account n.s.a (Sep) EUR, Current Account s.a (Sep) EUR, Global Trade Balance (Sep) EUR, Trade Balance n.s.a. (Sep) EUR, Trade Balance s.a. (Sep) EUR, Foreign portfolio investment in Canadian securities (Sep) CAD, Canadian portfolio investment in foreign securities (Sep) CAD, Net Long-Term TIC Flows (Sep) USD, Total Net TIC Flows (Sep) USD, Industrial Production (MoM) (Oct) USD , Capacity Utilization (Oct) USD, Fed's Lockhart speech USD In other news in the media: Mahindra & Mahindra Financial Services has raised Rs8.67bn through a qualified institutional placement (QIP) issue. (BS) DGH has given nod to Reliance Industries to drill a well as part of the US$1.529bn plan to develop four satellite gas fields around the now flagging main fields in the eastern offshore KG-D6 block. (ET) Tata Motors global sales increased 6% in October to 1,00,660 units over the same period last year. Sales of luxury brands from Jaguar Land Rover were at 27,897 units in October, up 7% from the same month last year. (ET) The government is planning 10% stake sale in NMDC by mid-December, which could fetch the exchequer about Rs75bn. (BS) Services exports in September stood at US$11.94bn, up 6.3% from that in the same month last year. (BL) Finance Minister P Chidambaram has asked the RBI to start working on issuing final guidelines for granting licenses to new banks and receiving applications from the interested entities "in anticipation of Banking Regulation Act being amended". (BS)