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Friday’s Market Preview: Flat-to-down opening likely

The market may see a flat-to-down opening as economic woes from the across the globe continued to pour in. SGX Nifty was trading at 5398, down 25 points. However, we can expect some action in specific stocks from corporates based on their earning numbers to be announced today.

Yesterday the market witnessed great deal of volatility on the expiry day of the July futures and options (F&O) contract. Besides, unsupportive global cues added to the woes in the morning session. However, food inflation for the week ended 17th July falling by 2.8 percentage to 9.67% from the previous week’s reading of 12.47% energised the market into the positive terrain. While ups and downs still persisted, the key benchmarks ended with marginal gains on last half-hour buying in select sectors. The Sensex settled marginally higher by 34.6 points (0.2%) at 17,992 and the Nifty ended up 11 points (0.2%) to 5,409, managing to mark its close about the 5,400 level.

The US market ended in the negative terrain for yet another day on concerns about the economy and lower earnings expectations from technology and consumer companies. President of the St Louis Federal Reserve Bank, James Bullard, expressed worries that the US could fall into a Japan-style dilemma of falling prices and investment. The comment pressured stocks before a late session rebound. The Dow fell 30.7 points (0.3%) to 10,467.16. The S&P 500 fell 4.6 points (0.4%) 1,101.54. The Nasdaq fell 12.8 points (0.5%) to 2,251.69.

Asian markets were trading lower. Japan’s unemployment unexpectedly rose for a fourth straight month and industrial production fell the most in more than a year, signalling the economic expansion is poised to slow. The jobless rate rose to a seven-month high of 5.3% in June while factory output slid 1.5% from May. The development, along with concerns raised in the US led the markets in the region into the negative terrain in early trade.

Shanghai Composite was down 0.5%, Hang Seng was down 0.1%, Nikkei 2252 was down 1.5%, Straits Times was down 0.3%, Seoul Composite was down 0.7% and Taiwan Weighted was down 0.6%. On the other hand, Jakarta Composite and KLSE were up 0.1% each. The SGX Nifty was down 27 points at 5,396 over its previous close of 5,423.

The Asian Development Bank (ADB) on Thursday said it expects India’s economy to grow by 8.2%, less than projected by the government and the Reserve Bank of India (RBI). The multilateral lender had earlier this month upgraded its growth forecast for Asia to 7.9% for 2010, up from 7.5% projected in April, while keeping the forecast for India unchanged at 8.2%.

On the political front, the government is in no mood to allow voting on the issue of price rise as demanded by the Opposition. Parliament sources said that the government will not allow the issue of price rise being taken up for discussion in the Lok Sabha under Rule 184 which entails voting.

Companies due to announce their quarterly numbers today include ABB, Aditya Birla Nuvo, Edelweiss Capita, Reliance Infra, Reliance Power, Reliance Natural Resources, TV18 and Uniply, among others.

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