On the back of weak global cues, Sensex may end the week on a negative note, while the choppiness to continue.
Headlines for the day
-IOC may invest Rs4650 crore in new pipeline projects - Business Line
-Prakash Industries plans Rs3000 crore power capacity expansion - Business Line
-Paper Mills crumpled on poor demand - Business Standard
-CBI to probe drug import from China - Business Standard
-Tata Steel to sell non-core assets to cut debt - DNA Money
Events for the day
Major corporate action: Ex-date for the stock split in the ratio of 10:1 and reduction of capital of Vintron Informatics Ltd.
Pre-market report
Global signals
The European stocks that slumped by over 3% on Thursday, recorded its sharpest drop in seven months. FTSE 100 ended 3.18% lower at 5194 owing to the weak Asian cues doubled with the continued concerns on the Dubai debt that acted as drag on the banking stocks that slipped the most. The US markets remained closed due to the Thanksgiving holiday on Thursday.
Today, the major Asian indices have opened in the red with heavy losses in the range of 0.12%-2.76% each. Wherein Shanghai Composite lost the least and Jakarta Composite declined the most. At the time of writing this report, SGX Nifty was trading lower by 63 points.
Indian markets
Such negative cues from the global front may act as drag on the domestic indices. The Sensex to open gap-down and continue its losing streak, volatility may continue.
Among the local indices, the Nifty could test the 5050-5100 range on the up side, while on the down side it could find support at 4950 and 4900. While the Sensex is likely to get support at 16600 and may face resistance at 17000.
Daily trend of FII/MF investment in equities
On November 26, 2009, FIIs were the net buyers of the Indian Stocks in the tune of Rs65.10 crore (with the gross purchase of Rs2255.30 crore and gross sales of Rs2190.10 crore).
While the Domestic mutual funds mutual funds, on November 25, 2009, were the net buyers of the stocks in the tune of Rs158.20 crore (with gross purchase of Rs842.00 crore and gross sales of Rs683.80 crore).
