Up above the cliff so high!

Living at risk is jumping off the cliff and building your wings on the way down.- Ray Bradbury After stumbling for eight days in a row, the indices look poised to clock some gains today. World markets are upbeat on hopes that the fiscal cliff negotiations in Washington are progressing well especially after Obama met Congressional leaders on Friday. We expected gains in our market on Monday itself though. A rebound in Nifty above the 5630 levels will augur well for the time being. Asian markets are up this morning. Reports state that a better- than-forecast US home sales has brought in some cheer. US indices saw one of their best gains in months with the Dow adding over 200 points. Amid all the temporary happiness in the global markets, one can’t ignore the fact that escalating violence in the Middle East between Israel and Islamist political group Hamas will continue to dominate attention. Oil prices have inched higher and Israel’s Defence Minister Ehud Barak said the army was prepared to invade the Gaza Strip. The euro fell after Moody’s Investors Service stripped France of its top government bond rating. Further downgrades are expected. Results Today:Dhanus Tech,Netvista Info,Visagar Poly Trends in FII flows:The FIIs were net sellers of Rs15.2mn in the cash segment on Monday, while the domestic institutional investors (DIIs) were net sellers of Rs5.02bn, as per the provisional figures released by the NSE. The foreign funds were net sellers of Rs2.04bn in the cash segment on Monday, according to the SEBI figures. Global Data Watch:BoJ Interest Rate Decision (Nov 20) JPY, FDI - Foreign Direct Investment (YTD)(YoY) CNY, RBA Meeting's Minutes AUD, BoJ Monetary Policy Statement and press conference JPY, All Industry Activity Index (MoM) (Sep) JPY, Credit Expansion (YoY) (Sep) EUR, Producer Price Index (YoY) (Nov) EUR, Producer Price Index (MoM) (Oct) EUR, RBA's Governor Glenn Stevens Speech AUD, Trade Balance (Oct) CHF, Exports (MoM) (Oct) CHF, Imports (MoM) (Oct) CHF, 18-Month Letras Auction EUR, 12-Month Letras Auction EUR, EcoFin Meeting EUR, Building Permits (MoM) (Oct) USD, Housing Starts (MoM) (Oct) USD, Wholesale Sales (MoM) (Sep) CAD, Redbook index (YoY) (Nov 11) USD, Redbook index (MoM) (Nov 11) USD, Fed's Lacker speech USD, Fed's Bernanke Speech USD, Westpac Leading Index (MoM) (Sep) AUD, Merchandise Trade Balance Total (Oct) JPY, Adjusted Merchandise Trade Balance (Oct) JPY, Exports (YoY) (Oct) JPY, Imports (YoY) (Oct) JPY In other news in the media: The Foreign Investment Promotion Board (FIPB) has been asked to review the FDI policy in the telecom equipment manufacturing sector in a bid to tighten controls. Hindustan Petroleum Corporation has decided to put Rajasthan ahead of Maharashtra in its refinery commissioning dates. (BL) Karnataka Bank has raised Rs.2.5bn by issuing 10-year, tier-2 bonds. (BL) Titan Industries Ltd aims to grow its turnover to US$2 bn by the end of this fiscal. (BL) Reliance Industries is understood to have hired Arvind Rao, former managing director and chief executive of mobile value-added services company OnMobile Global, to drive its proposed fourth generation (4G) broadband services. (BS) Jagatjit Industries, one of India's oldest distillers and makers of Aristocrat whiskey, has acquired a clutch of brands from Scotland's George Sinclair & Sons, as domestic liquor companies’ wake up to the growing appetite for scotch malt. (ET) The RBI has told banks not to give loans for purchase of gold in any form, including primary gold, bullion, jewellery, coins, units of gold Exchange Traded Funds (ETFs), and units of gold mutual funds.(BL) The Finance Ministry has sounded out the Reserve Bank of India (RBI) and commercial banks on the possibility of introducing a gold accumulation plan (GAP).(BL) The Land Acquisition Bill, which raised the hackles of various stakeholders, has gone through a few crucial changes days before the Winter Session of Parliament, during which it would be presented to the Cabinet. (BL)