Pre-Market Report: 09.07.2009
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B. Karthick
Jul 8, 2009, 11:56:26 PM7/8/09
to Kences1
Markets look to recover after a steep fall
Stocks on Dalal street might recover from a steep fall we have
witnessed on Wednesday, as positive global cues, better than expected
earnings report from global aluminum major Alcoa, and some progress on
the disinvestment front from the government might give a reason to buy
shares on Thursday morning. Expect the index to gain nearly 1 percent
or 150 points for the day.
On Wall Street Stocks rebounded in late trade on Wednesday after a day
of wild price swings, with the Dow and Nasdaq eking out gains as
investors bought shares late in the session on hopes of better than
expected quarterly earnings.The Dow Jones industrial average gained
14.81 points, or 0.18 percent, to 8,178.41. The Standard & Poor's 500
Index dropped 1.47 points, or 0.17 percent, to 879.56 and the Nasdaq
Composite Index added 1.00 points, or 0.06 percent, to 1,747.17.
In what could be seen as a positive news for the markets,news reports
suggest that the Finance Minister Pranab Mukherjee will meet SEBI on
Friday to discuss the disinvestment roadmap and also a proposal to
raise the threshold for non-promoter public shareholding for all
listed companies. As a part of the process the public issue of NHPC
will be out in August and Oil India limited will follow on with its
public offer in late September.
Metal stocks are likely to be in limelight as a positive outlook from
Alcoa will boost the scrips of Hindalco, Tata Steel and Sterlite Ind
which suffered losses for the past few days. Realty looks like another
bright spot after the sectoral index lost more than 8 percent
yesterday.Tech stocks might be flat to positive ahead of the Q1
numbers from Infosys on Friday. we expect a Infosys meet analyst
expectation, but do not expect a big suprise from the company.
There are few buyers in the current market, as investors are
apprehensive about taking long positions, on fears that the market
might test March lows. We think that there is room for correction, but
do not expect a sever crash in the market.Overall, a good day for the
markets as we might recover some lost ground from yesterday.
B.Karthick
Research Analyst.
Stocks on Dalal street might recover from a steep fall we have
witnessed on Wednesday, as positive global cues, better than expected
earnings report from global aluminum major Alcoa, and some progress on
the disinvestment front from the government might give a reason to buy
shares on Thursday morning. Expect the index to gain nearly 1 percent
or 150 points for the day.
On Wall Street Stocks rebounded in late trade on Wednesday after a day
of wild price swings, with the Dow and Nasdaq eking out gains as
investors bought shares late in the session on hopes of better than
expected quarterly earnings.The Dow Jones industrial average gained
14.81 points, or 0.18 percent, to 8,178.41. The Standard & Poor's 500
Index dropped 1.47 points, or 0.17 percent, to 879.56 and the Nasdaq
Composite Index added 1.00 points, or 0.06 percent, to 1,747.17.
In what could be seen as a positive news for the markets,news reports
suggest that the Finance Minister Pranab Mukherjee will meet SEBI on
Friday to discuss the disinvestment roadmap and also a proposal to
raise the threshold for non-promoter public shareholding for all
listed companies. As a part of the process the public issue of NHPC
will be out in August and Oil India limited will follow on with its
public offer in late September.
Metal stocks are likely to be in limelight as a positive outlook from
Alcoa will boost the scrips of Hindalco, Tata Steel and Sterlite Ind
which suffered losses for the past few days. Realty looks like another
bright spot after the sectoral index lost more than 8 percent
yesterday.Tech stocks might be flat to positive ahead of the Q1
numbers from Infosys on Friday. we expect a Infosys meet analyst
expectation, but do not expect a big suprise from the company.
There are few buyers in the current market, as investors are
apprehensive about taking long positions, on fears that the market
might test March lows. We think that there is room for correction, but
do not expect a sever crash in the market.Overall, a good day for the
markets as we might recover some lost ground from yesterday.
B.Karthick
Research Analyst.
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