Reliance Industries has made "a preliminary non-binding offer" to acquire LyondellBasell, the world's third largest petrochemical company, based in Rotterdam, Netherlands for upto US$12bn
Bulls will hope for a bounce back at regular intervals during the interim rough patch being seen on the bourses. At the same time bears will continue to scout for money making opportunities. One should remain on guard as volatility could escalate ahead of Thursday’s F&O expiry. Don’t get hurt while the bull-bear tussle is on.
The Nifty is likely to oscillate between 5100 and 4900 depending on the newsflow and fund flows
For India, the big event will be Q2 GDP data, which will be released on Nov. 30. This will be followed by quarterly results and RBI's policy review in January and Budget in February.
Reliance Industries Ltd. (RIL) would be in the spotlight today after making a bid for LyondellBasell Industries.
Essar Oil Ltd. may also rise after a report that Royal Dutch Shell Plc is acquiring a 10% stake in the company as part of a deal to sell three refineries to the Indian company.
Sugar stocks will remain in focus after the Government dumped a controversial clause in the proposed sugar ordinance.