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Friday, July 29, 2011

Markets may open in red


Weak Asian cues may drag the Indian markets in the opening trade, extending previous sessions losses.

Headlines for the day:

SEBI pleases all, overhauls key Takeover Code clauses
PNB to buy 30% in Metlife India
JSW Steel in the dock for getting illegal ore supply



Major corporate action

L&T Finance Holdings IPO closes today.
Results: Bharat Electronics, Central Bank of India, ICICI Bank, Idea Cellular, M&M Financial Services, PFC, SAIL.
For more events and news, log on to Sharekhan.com.

Indian indices

The ongoing deadlock over raising the US debt ceiling has stoked risk aversion. The Asian cues look weak today and may drag the India markets in the opening trade. Earnings of the major companies have not pleased investors till now and led to a cautious trade.

Other companies scheduled to report quarterly results today include Bhushan Steel, Federal Bank, Indian Bank, Neyveli Lignite Corporation, Siemens, Torrent Power, United Phosphorus and Voltas.

Daily trend of FII/MF investment in equities

The FIIs have purchased Indian stocks to the tune of Rs108.60 crore on July 28, 2011. The domestic investors have sold Indian shares worth a net of Rs174.60 crore on July 27, 2011. The data is as per the SEBI website.

Global signals

The European stock markets ended virtually flat Thursday (July 28, 2011), trimming earlier losses as a bounce by Wall Street helped offset poorly received earnings from BASF SE, Alcatel-Lucent SA, Credit Suisse Group and others.

The US ended mostly lower on Thursday, with investors skeptical a key vote by Congress would lead to a deal to avoid a US default

The Asian markets were trading on a negative note on Friday (July 29, 2011) on US debt woes. SGX Nifty was trading 70 points lower, suggesting for a weak start on the Dalal Street.

Commodity cues

Crude oil edged up on Thursday as a tropical storm heading toward the Texas coast forced producers in the Gulf of Mexico to begin shutting in production and evacuating support staff.