The turmoil in Egypt is a key concern for global markets at the moment the government imposed curfew was ignored for a second night and military jets and helicopters, some bearing the presidential seal, flew low over the centre of the city in a show of strength. Protesters, meanwhile, turned to the army and to a retired diplomat to maintain momentum in efforts to unseat Hosni Mubarak. Thousands gathered in Cairo's Tahrir Square to protest. More than 100 people have died in the turmoil so far
The US markets too closed near session lows on Friday as the civil unrest in Egypt sparked widespread selling. The S&P 500 was down nearly 2% and the Dow broke an eight-week winning streak.
10 things you should know before the opening bell
* And in economic data, the University of Michigan consumer sentiment index came in at 74.2 at the end of January. It was better than a preliminary reading of 72.7 and a median forecast of 73.2.
* The US commerce department said that the gross domestic product grew at an annual rate of 3.2% between October and December, outpacing the growth in Q3.
* The personal income for December is expected to receive a boost of 0.4%. November saw a rising figure of 0.3%.
* The Chicago PMI for January is expected to come at 65. The PMI index for December came at 68.6.
The European markets too were under pressure on Egyptian concerns. A weaker than expected overall GDP in US also affected sentiments despite a pickup in US consumer spending.
In the currency space the dollar rallied as investor demand for safer havens increased as a result of the crisis in Egypt. Crude prices too soared more than 4% in the face of growing unrest in Egypt.
And back home, it was a free fall for markets on Friday as the nifty breached important support levels of 5620 and 5550. The broader markets too tumbled and market breadth was a dismal.
Expect some action in the oil stocks as RS Sharma of ONGC says that he is confident that the Cairn-Vedanta deal will be resolved shortly. He adds that the government has to protect ONGC's rights and that the oil major is per se not against the Cairn-Vedanta deal.
Meanwhile, ONGC numbers came out after market hours on Friday---the company has posted numbers above estimates as income from gas pool account surprised on the upside. The lower DD&A was also supportive. However, auto major Maruti's Q3 results have come in below expectations. Margins were under pressure due to higher employee costs and higher royalty pay-out.
Some key earnings to watch for today include NTPC, Sun Pharma, DLF. a host of midcap banks like Andhra Bank, Canara Bank and Central Bank will also declare results.
Telecom stocks could be in focus this morning as telecom minister Kapil Sibal announced the broad parameters within which the new telecom policy will be formulated. Plans for a new spectrum policy are also on the anvil.
The US markets too closed near session lows on Friday as the civil unrest in Egypt sparked widespread selling. The S&P 500 was down nearly 2% and the Dow broke an eight-week winning streak.
10 things you should know before the opening bell
* And in economic data, the University of Michigan consumer sentiment index came in at 74.2 at the end of January. It was better than a preliminary reading of 72.7 and a median forecast of 73.2.
* The US commerce department said that the gross domestic product grew at an annual rate of 3.2% between October and December, outpacing the growth in Q3.
* The personal income for December is expected to receive a boost of 0.4%. November saw a rising figure of 0.3%.
* The Chicago PMI for January is expected to come at 65. The PMI index for December came at 68.6.
The European markets too were under pressure on Egyptian concerns. A weaker than expected overall GDP in US also affected sentiments despite a pickup in US consumer spending.
In the currency space the dollar rallied as investor demand for safer havens increased as a result of the crisis in Egypt. Crude prices too soared more than 4% in the face of growing unrest in Egypt.
And back home, it was a free fall for markets on Friday as the nifty breached important support levels of 5620 and 5550. The broader markets too tumbled and market breadth was a dismal.
Expect some action in the oil stocks as RS Sharma of ONGC says that he is confident that the Cairn-Vedanta deal will be resolved shortly. He adds that the government has to protect ONGC's rights and that the oil major is per se not against the Cairn-Vedanta deal.
Meanwhile, ONGC numbers came out after market hours on Friday---the company has posted numbers above estimates as income from gas pool account surprised on the upside. The lower DD&A was also supportive. However, auto major Maruti's Q3 results have come in below expectations. Margins were under pressure due to higher employee costs and higher royalty pay-out.
Some key earnings to watch for today include NTPC, Sun Pharma, DLF. a host of midcap banks like Andhra Bank, Canara Bank and Central Bank will also declare results.
Telecom stocks could be in focus this morning as telecom minister Kapil Sibal announced the broad parameters within which the new telecom policy will be formulated. Plans for a new spectrum policy are also on the anvil.
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