(RTTNews) - The Indian market may open mostly unchanged on Wednesday, tracking mixed global cues. Asian stocks are now exhibiting a mixed trend due to lack of support at higher levels. Trading could be in a tight range on alternate bouts of buying and selling. Clearly, investors appear to be hesitant to take aggressive long positions at current levels, but at the same time they don’t want to miss out on a stock market rally.

Meanwhile, to improve liquidity in the F&O segment, the Bombay Stock Exchange (BSE) has decided to make some changes in the settlement period of index-based monthly derivative contracts as well as all weekly options contracts.

“It has been decided to change the expiry date of the monthly index futures and options contracts from the last Thursday of the month to the Thursday falling two weeks prior to the last Thursday of each contract month starting from the December 2009 contract, the BSE said in a statement”.

Likewise, the expiry date of all weekly options contracts (presently available for trading on the underlying Sensex, mini Sensex, RIL, TISCO, SBI ) will be changed to Thursday instead of Friday. Thus the Weekly Options contracts on the above five underlyings will follow a Friday-to-Thursday cycle instead of a Monday-to-Friday cycle as hitherto. This change will take effect for all contracts starting from November 20, 2009.

On Wall Street, the major averages reversed early losses to end near their best levels of the day on Tuesday. With the release of benign economic indicators prompting many traders to remain on the sidelines, the Dow ended up by a modest 0.29% to close at a new one-year high, while the Nasdaq advanced 0.27% and the S&P added 0.09%.

The Indian ADRs, meanwhile, closed on a mixed note. Infosys and Wipro rose around a percent each, but Sterlite Industries, ICICI Bank, MTNL, Reddy’s Laboratories and Mahindra Satyam ended in the red.

Crude oil prices moved in a choppy fashion on Tuesday, as a rising dollar kept crude from moving higher and fresh economic data gave mixed signals about demand for oil. However, in Asian trading on Wednesday, the commodity is trading up 0.4% at $79.46 a barrel after an inventory report from the American Petroleum Institute showed crude inventories fell by more than expected last week to 333.1 million barrels. The U.S Energy Administration will release its weekly supply report later today.

The rupee snapped a two-day rise and shed nine paise to 46.30/32 against the dollar on Tuesday, tracking the dollar’s rise in overseas markets.

In corporate news, Mahindra Satyam said that it had received legal notices from 37 companies claiming a refund of Rs. 1230.40 crore, allegedly given as a temporary advance. However, the company said the claims were legally untenable.

Japanese conglomerate NTT Group has joined the race to buy a majority stake in Patni Computer Systems from Patni brothers and private equity firm General Atlantic, reports suggest.

Tata Motors said it would announce its consolidated second-quarter results on November 27. Reliance Industries fixed November 27 as the record date for a 1:1 bonus issue.

U.S-based Gilbarco Inc said it would acquire the petroleum dispensing pump business of Larsen & Toubro for an undisclosed amount.

The opening of the holiday brand Cox and Kings IPO today may trigger some action in tourism-related stocks.

On Tuesday, the Indian market ended a volatile session on a flat note as investors stayed on the sidelines amid weak global cues. After hovering in negative territory throughout the session, the BSE Sensex managed to close in positive territory, gaining 18 points or 0.11% at 17,051, while the S&P CNX Nifty rose by 4 points to 5,062. Gains in IT stocks were offset by declines in realty, oil/gas and public sector stocks.

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Posted in Categories: Japan, Releases, Stocks, USA.

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