Market jittery; cues to watch out for

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Market jittery; cues to watch out for

Led by the fall in capital goods and metals, the Nifty closed 80 points below at 5068 and Sensex lost 200 points to end at 16882. Experts say that in the event of Sensex touching 16000, it’s time to accumulate. But, will the market really go down to that level or are we poised for an uptick? Here are the cues to today’s trade.

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Moneycontrol Bureau

After Kingfisher 's Vijay Mallya addressed the media regarding the issues plaguing the airliner and oil marketing companies spiked jet fuel, the whole aviation pack came under pressure during late trade yesterday.

Led by the fall in capital goods and metals, the Nifty closed 80 points below at 5068 and Sensex lost 200 points to end at 16882. Experts say that in the event of Sensex touching 16000, it's time to accumulate.

But, will the market really go down to that level or are we poised for an uptick? Here are the cues to today's trade.

Also listen in to the accompanying audio file for the market opening report by Moneycontrol.com editor, Santosh Nair.

As you were sleeping, Wall Street came off its high points, but managed to close in the green after a choppy session on better than expected economic data and hopes of progress in Italy. European markets however closed lower with DAX and CAC down nearly 1%.

Reacting to the contagion fears from Europe, Asia opened on a cautious note, but is presently trending 1% down across HSI, China and Nikkei.

Meanwhile in the commodity space, NYMEX crude prices rose to a 16-week high on supportive US data that pointed to continued economic growth in the fourth quarter.

Gold too rebounded above USD 1,780 dollar, but on fears that France could be sucked into its spiraling debt crisis.

Reacting to fears emanating off the eurozone, the euro dropped against the dollar and hit a five-week low against the yen. The dollar index rose above the 78 mark.

Back home:

Stock of Essar Shipping dipped nearly 70% upon debut at the market yesterday. Opening at Rs 95, the shares went into a free-fall vortex and closed at Rs 29. Watch out for today's trades.

Oil marketing companies in India have slashed petrol rates by Rs 2.2 per litre effective today. This is the first time in nearly three years that prices are being rolled back. Nonetheless, jet fuel's been spiked up.

CNBC-TV18 learns that the government may consider allowing foreign airline companies pick up over 49% stake in Indian carriers. The proposal could come up for cabinet approval in the next two weeks. Watch out for how pans out for the aviation industry.

According to media reports, HDFC Bank overtook SBI on Tuesday to become India's top lender in terms of market capitalisation.

Some changes in the MSCI- Bharti , Idea and Bank of Baroda are likely to be added while Piramal , India Bull Real Estate and HDIL are expected to be removed. These changes are going to be effective from November 30 onwards. 

Padma Venkatraman
padma.venkatraman@network18online.com