Slightly better for now

We live in a moment of history where change is so speeded up that we begin to see the present only when it is already disappearing. - RD Laing.

The worries are not disappearing anytime soon but after a really terrible start to the week, we are set for a mildly positive to flattish opening. Asian markets are pretty mixed. In fact, Japanese, Korean and Australian stocks are trading off their worst levels. US stocks tumbled after a congressional panel formally admitted to the failure of stitching a deal to slash the nation’s soaring deficit.

But, S&P and Moody’s say they won’t lower US credit ratings. President Obama says he will veto any measure designed to override automatic budget cuts. So, there is a chance of slight recovery in sentiment after eight successive sessions of losses.



A sustained bounce back will remain elusive as the Indian economy is facing its own set of problems. The rupee is on a slippery slope, fiscal deficit is likely to rise, inflation remains sticky and rates are unlikely to fall anytime soon. In addition, policy moves have been hard to come by. All eyes are on the winter session of parliament to see if the Centre can muster some courage and pass a few important bills.

FIIs were net sellers of Rs 7.43bn (provisional) in the cash segment on Monday, according to NSE data. The domestic institutional institutions (DIIs) were net buyers of Rs 5.95bn on the same day.

The foreign funds were net buyers of Rs 276.3mn in the F&O segment on Monday, NSE data shows.

FIIs were net sellers at Rs 7.55bn in the cash segment on Friday, according to SEBI web site.

Global Data Watch: US GDP data, US personal income and spending report, FOMC minutes, Richmond Fed Manufacturing Index (Nov) and EU consumer confidence.

Siemens Ltd. will today announce fourth quarter and annual financial results and dividend.

Walchandnagar Industries Ltd. to announce fourth quarter and annual earnings.