The market is likely to open on a flat note with a negative bias. The Central Statistical Organisation (CSO) will today unveil inflation data for the year through 6 June 2009. Asian stocks declined, dragging the MSCI Asia Pacific Index to a three-week low, amid concern a rally since March had made stocks too expensive relative to earnings prospects. U.S. stocks fell for a third straight day after Standard & Poor’s downgraded the credit ratings of 18 banks, overshadowing gains in health-care shares as Congress prepares legislation to overhaul the industry. Technology shares buoyed the Nasdaq on Wednesday after positive broker comments on Qualcomm, but financial shares' losses held back the Dow and the S&P 500.
According to provisional data on NSE, foreign funds sold worth a net Rs. 363.99 crore on Wednesday, 17 June 2009. Domestic funds bought shares worth a net Rs. 569.10 crore on that day.
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