Here's all you need to know before market opens

Moneycontrol Bureau

The US markets finished near lows in volatile trading as investors digested a handful of headlines from Greece. The CBOE volatility index surged more than 15% to end near 35. Dow Jones Industrial Average was down 2.48% or 297.05 poinst at 11657.96. Nasdaq Composite shed 2.89% or 77.45 poinst at 2606.96. Standard & Poor's 500 fell 2.79% or 35.02 points at 1218.28. US economic data: The pace of growth in the manufacturing sector unexpectedly slowed in October, its Index of National Factory Activity dipped to 50.8 from 51.6 the month before. And US construction spending rose only slightly in September. Data to watch out for: FED will announce its meeting decisions today. ADP Private Payroll Employment Report is expected to rise to 100,000 in October. Also weekly mortgage application data is expected today. Europe: European shares tumbled as anxiety over the Euro zone debt crisis intensified. Greek Prime Minister George Papandreou told his cabinet that the vote on the bailout plan would go ahead and that he is confident that the government will win a vote of confidence which is coming up this Friday. But it will have to pass through Euro zone's heavyweights. French President Nicolas Sarkozy and Angela Merkel have summoned Papandreou to Cannes for emergency talks ahead of the G20 summit this weekend. Fitch Ratings states that the Greek Prime Minister George Papandreou's decision to put the latest European Union bailout deal for the country to a public referendum has increased the risk of a forced and disorderly sovereign default, and even the risk of a Greek exit from the Euro. Asian markets: At 7: 43 am (IST), Asian markets were trading weak. China's Shanghai Composite shed 1.32% or 32.49 points at 2,437.53.  Hong Kong's Hang Seng slipped 1.56% or 302.58 points at 19,067.38. Japan's Nikkei fell 1.88% or 166.12 points at 8,669.40. Singapore's Straits Times was down 0.89% or 24.80 points at 2,764.55. Currency space: The Euro tumbled to 1.36 to the Dollar on Greek concerns. The dollar index spiked to 77. Commodities check: Crude trended lower with the Brent prices hovering around USD 109 per barrel levels. Meanwhile, gold is steady in Asia trade around USD 1,730 per ounce levels. Local market: Yesterday, the Nifty tumbled over a percent to close at 5,260 while the Sensex gave up over 220 points to end the session at 17,480. Stock specific action: Finance Ministry may ask for additional Rs 14,000 crore for bank recapitalisation. SBI may get upto Rs 7,000 crores. Syndicate Bank, Bank of India and Indian Bank will also get a piece of the pie. Ambuja Cements reported numbers that were largely in-line with what the street expected. The company saw a 15% growth in profit boosted by other income as a result of healthy cash and bank balance. In monthly auto sales, Hero Moto's growth moderated due to high base and fewer production days in October though retail sales have been strong at 650,000 units. Piramal Health settled patent row over generic Suprane with Baxter. The management says that they may launch generic Suprane in US on January 1, 2014 Earnings to watch: Andhra Bank, Karur Vyaysa Bank and L&T Finance Holdings will be reporting their numbers today. Vini Amesar.
vini.amesar@network18online.com