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Tuesday’s Market Preview: Cautious opening on the cards

The local market is likely to witness a cautious opening on the back of mixed global cues. The US markets finished mostly lower on Monday while a majority of the markets in Asia were in the red in early trade on indications that governments in the region will put in place new initiatives to curb inflation. The SGX Nifty was 24.50 points lower at 6,110 compared to its previous close of 6,134.50.

The market opened flat yesterday on mixed global cues. A bout of minor profit-taking surfaced in early trade but the indices recovered soon to trade higher. Choppiness continued despite the monthly inflation numbers for October showing a marginal decline over the previous month. However, buying on select counters in the post-noon session sent the market on a higher trajectory resulting in a close near the day's high. The Sensex closed 152.80 points (0.76%) higher at 20,309 while the Nifty surged 50 points (0.82%) to end the session at 6,121.

Wall Street ended mostly lower on Monday on mixed economic data and fears that the Federal Reserve might reduce the ‘quantitative easing’ announced recently. On the other hand, mergers and acquisitions news kept a check on the losses. On the economic front, retail sales posted their largest gain in seven months in October, spurred by auto sales and purchases of building materials. Besides, a gauge of manufacturing in New York state fell in November to its lowest level since April 2009. In M&A news, heavy-equipment company Caterpillar said it will buy mining-equipment firm Bucyrus International for around $7.6 billion.

The Dow added 9.39 points (0.08%) at 11,202. The S&P 500 tripped 1.46 points (0.12%) to 1,197. The Nasdaq lost 4.39 points (or 0.17%) to 2,514.

The Asian pack was mostly in the red in early trade on indications that regional governments would bring in new measures to curb inflation. The Bank of Korea today raised the benchmark interest rate by 0.25 percentage point to 2.5%, among the first signs of things to come.

The Shanghai Composite tumbled 1.28%, the Hang Seng was down 0.18%, the Nikkei 225 declined 0.22%, the Straits Times shed 0.07% and the Seoul Composite lost 0.71%. On the other hand, Jakarta Composite surged 0.45%, the KLSE Composite rose 0.02% and the Taiwan Weighted added 0.16% this morning. The SGX Nifty was 24.50 points lower at 6,110 compared to its previous close of 6,134.50.

The government on Monday said individual cases are being examined to ascertain the eligibility of some telecom service providers which were granted second generation (2G) spectrum licences in 2008.

Minister of state for communications and IT Sachin Pilot said the licences were granted in 2008 as per the guidelines, but the Director General of Audit, Post and Telecommunications (DG Audit P&T) in its draft audit report stated that some of these companies failed to meet DoT's pre-condition as they were not present in the telecom business.

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Of Tracers and Stings

Global IT giant Hewlett Packard’s (HP) sting operation on journalists and its own directors...

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