Stocks head for a quite start

Headlines for the day:
Reserve Bank of India favours freeing savings rates
Reliance Industries likely to go slow on pharma, healthcare
Tata Motors roll out new Winger variant in Punjab

Events for the day:
Major corporate action
Ex-date for final dividend of Garware Offshore Services
Ex-date for dividend of CMC, Grindwell Norton
For more events, log on to Sharekhan.com
Pre-market report
Global signals
The European shares extended a rally to a seventh day on Thursday, as robust demand in a Spanish bond auction boosted investor confidence in the euro zone economic outlook, and British Petroleum rose sharply.
Britain's top share index rose for the seventh straight day on Thursday, led by British Petroleum after its compensation deal with the White House, but gains were held in check by weak US jobs data hitting commodity-linked stocks.
The major Asian indices were trading mixed. SGX Nifty was trading 16 points lower.
Indian Indices
The domestic markets have gained for consecutive seven trading sessions. The markets have remained range bound and may continue to be the same until there is some good news and definite signs of what is going on in Europe.
There has been good and bad news both coming in from US, which reflects on domestic markets.
With the subdued Asian cues, the Indian markets are expected to open quite.
Asia’s richest man Mukesh Ambani will address shareholders of Reliance Industries Ltd (RIL) today and is expected to announce mega investment plans, possibly in power and telecom sectors. The investors will closely eye RIL.
Commodity cues
In the commodity space, the crude oil prices slipped, with the Nymex light crude oil for the July series down by $0.88 per barrel. In the metals space, the Comex Gold for the June series rose by $18.20 to a troy ounce and the Comex Silver for the June series was up by $0.34 to a troy ounce.
Daily trend of FII/MF investment in equities
On June 17, 2010, the foreign institutional investors (FIIs) were the net buyers of the Indian stocks to the tune of Rs858.30 crore, whereas the domestic mutual, on June 15, 2010, were the net sellers of the stocks to the tune of Rs148 crore.