Check out: Cues that will impact Nifty's movement today
The US markets finished modestly lower across the board with the Dow and S&P 500 snapping a three-day winning streak, weighed by a weaker-than-expected manufacturing report, even as there are new details of a counter-offer from house republicans to avert the fiscal cliff.
December 04, 2012 / 09:16 IST
Moneycontrol Bureau
USThe US markets finished modestly lower across the board with the Dow and S&P 500 snapping a three-day winning streak, weighed by a weaker-than-expected manufacturing report, even as there are new details of a counter-offer from house republicans to avert the fiscal cliff. The CBOE VIX closed above 16. EuropeThe European markets closed off their best levels following weak manufacturing data from US, however news that Spain had formally requested an EU bailout for its banks helped limit losses. Spain formally requested a bailout for its struggling banks to be disbursed on December 12.Debt BuybackGreece has set the terms of a plan to bond buy back a key portion in the plan to reduce its high debt. Athens said that it wants to buyback 10 billion euros in debt setting a steep discount to the original value it was willing to pay.The terms of the offer mean that bond holders have to reveal how big a loss they are willing to take before the price of the buyback is set. The offer ends on December 7 and the settlement is on December 17.Euro group ministers wrapped up a short meeting saying that they will announce the results of Greece’s bond buyback plan at the next meeting. Chairman Jean Claude Juncker said he was confident Greece would get its aid by then. Asia:Asian markets are trading weak. China's Shanghai Composite slipped 0.30% or 5.83 points at 1,953.93. Hong Kong's Hang Seng was down 0.36% or 78.49 points at 21,689.36. Japan's Nikkei was down 0.12% or 11.28 points at 9,446.90. Singapore's Straits Times shed 0.29% or 8.96 points at 3,056.78. South Korea's Seoul Composite fell 0.46% or 8.99 points at 1,931.03. Taiwan's Taiwan Weighted was down 0.77% or 58.50 points at 7,541.41.Back home, the Nifty closed 9 points lower to 5,870.CurrencyThe euro hits a six week high as Spain requests for a bailout. The euro is above 1.30 to the dollar. Meanwhile, the dollar index slips below the 80 mark.In commodities, Brent crude slipped to sub USD 111 per barrel. From the precious metals space, gold is hovering around USD 1,715 an ounce.Stocks to watch out for in trade today:Essar Oil Likely to set up its third coal-bed methane project in West Bengal and will invest Rs 5,200 crores for the project.Aviation stocks would be on the radar today as IOC has cut ATF price by 695.14 per kilo litre in 4 metros with effect from December 1. Agency reports indicate that jet airways could raise Rs 1,600 crores from stake sale to Etihad. Sources indicate that the Mumbai airport authorities may issue an eviction notice to Kingfisher. This is after the carrier failed to respond to an earlier notice asking it to clear dues worth Rs 22 crore towards parking and navigational chargesWith effect from December 7, Reliance Mediaworks, GEI Industrial Bag Films and Shree Asthavinayak will be in trade-to-trade segment.Political cueGovernment’s battle to push through FDI in retail will begin in the Parliament today with the crucial debate in Lok Sabha. Mayawati and Mulayam keep UPA 2 on the edge ahead of the vote on FDI in retail saying that they oppose the move, but will take a final call on the floor of the Parliament. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
