Pri Market Commentary ...

Today, we expect a weak opening following the overnight tumble on Wall Street and equally sharp cuts across key Asian markets.There could be some pull-back in stocks after a gap-down opening provided Asian and later on European markets show some improvement. The bad news is that the markets will tumble at start. The good news, wish we had something to share. There are still concerns about how deep, long and widespread this global recession will be.

Even as the city of Mumbai limps back to normalcy, the markets' focus too seems to be back on the fundamentals, both global and local. Switching attention back to the market may be good, but one can’t really enjoy the fact that the constant flow of bad news continues unabated. We are not talking of just global markets. The set of macro-economic numbers released on Monday points to a deepening economic downturn at home. Exports are down 12% in October. Automobile sales are sliding. Manufacturing sector continues to take a beating. Sales of oil products too are down. In this context, the corporate report card over the next few quarters will be keenly followed. At the same time, one can argue that the bad news was already on the cards and most of it is already reflected in stock prices.