Pre-Market Commentary from Indiabulls:: Jan 18, 2011

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Headlines : 18 January 2011

Indices at a Glance  Index  Latest  1D Chg(%)  YTD(%)  NSE Index (17 Jan 2011)  5654.75  0.00  -7.82  Sensex (17 Jan 2011)  18882.25  0.12  -7.93  Hang Seng (17 Jan 2011)  24156.97  -0.52  4.87  Straits Times (17 Jan 2011)  3238.63  -0.23  1.52  FTSE 100 (17 Jan 2011)  5985.70  -0.27  1.45  CAC 40 (17 Jan 2011)  3975.41  -0.20  4.48  DAX (17 Jan 2011)  7078.06  0.03  2.37   US markets US markets were closed on account of the Martin Luther King Jr holiday. European markets European markets closed modestly lower as investors were reluctant to take position ahead of the outcome of euro-zone finance ministers' meeting to work on a new strategy to contain the sovereign-debt crisis. Mining and banking sectors were weighing on the markets. BHP Billiton and Rio Tinto Group led the mining stocks lower amid concerns that global growth may be stifled by anti-inflation measures. On stock specific action, BP rose after the oil giant announced a share-swap deal with Russia’s Rosneft, under which the two companies will also cooperate over drilling in the Arctic Ocean. British engineering firm Smiths soared after it rejected a USD 3.88 billion cash bid approach for its medical services unit.   International News Most of the U.K. firms slashed their marketing budget in the fourth quarter following an upward revision in the preceding quarter as they turned pessimistic about their financial prospects. The IPA/BDO Bellwether report showed that 22% of the firms surveyed revised down their spending on marketing in the fourth quarter, while 17% reported an increase. (RTT News) Europe's Airbus remained the world's biggest plane maker in 2010 by booking its 10,000th order, beating US rival Boeing , and plans to increase deliveries further this year. Enders said Airbus delivered 510 planes last year and won 574 orders worth USD 84 billion (63 billion euros) at list prices. (Economic Times) GlaxoSmithKline Plc said it will have fourth-quarter legal costs of GBP 2.2 billion (USD 3.5 billion) because of a U.S. investigation into sales practices for some products and for product-liability cases related to the Avandia diabetes drug. (RTT News)   Domestic News Tata Communications said that it has entered into an outsourcing agreement with Cananda-based Videotron under which the later will route the entire international voice traffic though the Tata group firm's network. (Economic Times) State-run Air India Ltd plans to lease 40 new planes from Canada's Bombardier and France's Airbus as it looks to take advantage of a burgeoning middle class in Asia's third largest economy. (Business Standard) Suzlon Energy said that its subsidiary REpower Systems has bagged a contract for supplying 150 wind turbines to Canada-based Saint-Laurent Energies. Suzlon Energy is a majority shareholder in REpower Systems with a holding of over 90%. (Business Standard)