Markets to have a weak start

Headlines for the day:

SBI leads banks on tri-strategy for airline debt

ITC reduces stake in Agro Tech Foods

IRDA to oppose move on 'super-regulator'



Events for the day:

Major corporate action

Ex-date for dividend of Lupin, Gabriel India
Results: Power Grid, HDFC Bank, Sesa Goa
For more events and news, log on to Sharekhan.com

Updates on global events

The US Consumer Price Index (MoM & YoY) for the month ended June 2010 stood at (0.1%) and 1.1% respectively.

The US Consumer Price Index Ex Food & Energy (MoM & YoY) for the month ended June 2010 stood at 0.2% and 0.9% respectively.

Pre-market report

Global signals

The European shares fell on Friday (July 16, 2010), after downbeat US economic data and disappointing results at Citigroup, Bank of America and General Electric (GE) heightened concerns over the pace of economic recovery.

Dismal consumer sentiment data and anemic revenues from GE and two big banks slammed US stocks on Friday, driving down major indexes more than 2%.

The Asian markets fell in the morning trades in tandem with the Wall Street’s overnight plunge hit by disappointing corporate results and weak consumer confidence data. SGX Nifty was trading 41 points lower, indicating towards a negative opening on the Indian bourses.

Indian Indices

The world markets tumbled, weighed by the Wall Street's losses on Friday. Following the heavy losses in the US and weak Asian cues, the Indian indices are expected to have a gap-down opening.

The domestic markets may take cues from the US markets, as there are no major economic indicators. However, the Indian markets are expected to recover in the later trade on expectation of good earnings.

Crompton Greaves, Container Corporation of India, Sesa Goa, HDFC Bank and PTC India will declare their results today; the stocks will be closely eyed.

Commodity cues

The oil prices fell for the third consecutive session, extending the previous session's decline, on concern about the US economic outlook after data showed consumer sentiment fell to a near one-year low, as crude oil futures for August delivery dipped $0.61, to settle at $76.01 a barrel.

Daily trend of FII/MF investment in equities

The foreign institutional investors (FIIs) have been the net buyers for the eighth straight sessions. The FIIs are turning more bullish on the domestic markets, with their investments in equities already touching Rs40,000 crore so far this year-nearly half the record amount infused by them in 2009.