Equity Morning Mantra

MARKET OUTLOOK
The market is likely to open on flat note taking cues from mixed global markets. The market was disappointed from the Union Budget 2009-2010 as it did not contain any major reforms such as a roadmap to fiscal consolidation, increase foreign direct investment in insurance sector and decontrol fuel prices. Most Asian stocks declined, led by commodity companies, on lower oil and metal prices. Utilities advanced
on optimism energy costs will drop. In US, The Dow industrials rose and the S&P 500 rebounded in late trading on Monday as investors' concerns about the strength of an economic recovery triggered a move into defensive stocks. But the technologyheavy Nasdaq slipped as investors rotated out of the tech sector, which is viewed as more reliant on the economic cycle.
According to provisional data on NSE, foreign funds sold worth a net Rs. 1483.03 crore on Monday, 06 July 2009. Domestic funds bought shares worth a net Rs. 815.71 crore on that day.