The navratri color for the day is
red and looks like that will be the colour for the market too at least in the
first half. World equities kicked off
October and a new quarter on a sour note with investors rattled by fear of a
Greek default. A new budget by Greece
showed that it would miss deficit targets set by the troika of EU, ECB and IMF
for the much-needed emergency funds. That appears to have spooked global
markets.
Adding to the plethora of problems
were downbeat manufacturing PMI reports, although US data released on Monday wasn’t
that bad. US
indices finished at their lowest level since September 2010. European stocks
dived. Asian benchmarks are faring a tad better.
SGX Nifty in Singapore is pointing to a slightly
lower opening. There is a chance of a technical pullback but don’t bank on it
to sustain unless the Greek mess is resolved. Brent crude is hovering around
$100 per barrel. Other industrial commodities too have softened. However, it
remains to be seen whether the RBI will relent on its hawkish stance.
