Clear Day of Sell across the market from India to Asia and in Europe too. Indian markets tumble over 750 points but manged to recover before ending. Globally market tumbled as Asian indices too tumbled like Hang Seng, Nikkei by over 1000 and 300. It was the fourth largest single day point fall for Sensex. Today's session reminded of the past incident which earlier had impact of the proposed regulations regarding the ban on the issue of the Participatory notes to FII?s. Some unconfirmed news revolved that FII's will not be allowed to rollover their position in future markets which hits market sentiments. Markets continue to fall at every hour in deep red without any signs of recovery on account of selling pressure in sectors. Profit booking was playing on minds to be in the safer side. Heavy weights were under selling pressure. Even the Midcaps which were on rally saw selling pressure. Banking and power sectors were hit badly. European indices start in red.

Sensex ended down by 678 points at 18602.619. Weighing on the Sensex were losses in NTPC (239.5,-8 percent), BHEL (2486.1001,-6 percent), ITC (184.85,-6 percent), Maruti (951.1,-6 percent) and Rel Energy (1692.85,-6 percent). Losses were restricted by gains in Hero Honda (708.85,+0 percent).

Karuturi Networks Ltd (KNL) was recently in news after having raised $50 million through an FCCB issuance the proceeds of which were used to consummate the buyout of the Kenyan rose growing firm-Sher. The FCCB was priced at Rs 290 per share. Marquee investor George Soros has reportedly picked up 1.4 million shares in India?s largest floriculture company Karuturi Networks Ltd (KNL). The Soros led Quantum Fund may now be holding around 4.6% stake in the Bangalore headquartered firm. Results for the last quarter reported good set of numbers. Revenues jumped 353% YoY at Rs 54 cr. higher volumes and lower realisations from the plantling sales are what the cause of lower margins. The company is not affected much by Rupee appreciation as most exports are in Euros to Europe. The stock ended week for the day. We have a detailed note on this stock. Do read this to know our view.

Cost of air travel within the country is all set to go up once again as airlines are bracing up for another hike in aviation turbine fuel (ATF) prices on December 1. The two options under consideration are a hike in basic fare or another increase in fuel surcharge, which is already hovering at Rs 1,350. Either way, cost of air travel would increase by Rs.200 or at least Rs 150 per route for economy class travel between metro cities. Also ATF prices are at a peak. Therefore hike in fuel prices would be passed on to passengers. Most airlines are in favour of another hike in fuel surcharge as it is simpler to implement and chances of undercutting are minimum. Hike in basic fares is more complicated and it may not suit the current strategy of the industry. Ever since ATF prices starting hitting new highs this year, airlines have been affecting identical fare hikes through fuel surcharge. Deccan Aviation and Jet Airways (both down 4%) and Spice Jet (down 9%) being out of favour.

Technically Speaking: Sensex opened in red and skid more on the red. It made intraday high of 19,219 and days low of 18,515. Volume was good at Rs 7,301crs. The breath was in favor of Declines, where Advances stood at 647 and Declines at 2159. Sensex support seen at 18350 fall from here could get a support at 18000.

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