Today,global markets are bleeding dismissing any hopes one may have had yesterday of a bounce back. Wall Street suffered its worst one-day decline in nearly three months.No prices for guessing we will have a gap-down start on local bourses. The Nifty may find support at the crucial 5000 level, hopefully. Further selling may pull it down to 4950. In short, bears will have a field day today. A rebound will hinge on improvement in global sentiment and perhaps on surprisingly strong results from India Inc.
We expect RIL to register 63.7% yoy jump in net sales and 17.3% yoy growth in net profit. We expect Grasim to register 12.2% yoy growth in revenues and 69.1% yoy growth in net profit. US bank shares tumbled under the threat of new regulations. The basic-materials space was hit by worries about further tightening in China. Dow slid 214 points in its biggest drop since October 2009, wiping out all its year-to-date gains. European indices closed down by about 1.5-2%. Most Asian benchmarks are down sharply this morning.
