B. Karthick
unread,Sep 24, 2008, 12:07:23 AM9/24/08Sign in to reply to author
Sign in to forward
You do not have permission to delete messages in this group
Sign in to report message
Either email addresses are anonymous for this group or you need the view member email addresses permission to view the original message
to Kences1
Stocks look to recover as valuations look compelling
Stocks look to bounce as investors try to digest the financial crisis
and will try to concentrate more on the domestic economy. Expect the
Sensex to recover atleast 100 points in today's trade.
Financial markets extended their declines Tuesday as investors worried
that lawmakers were beginning to doubt the necessity of a broad
government bailout for financial institutions as a way to revive
ailing credit markets. The Dow lost nearly 1.47 percent, where as the
NASDAQ gave up 1.18 percent.
Meanwhile Berkshire Hathaway agreed late Tuesday to invest at least $5
billion in Goldman Sachs Group, with billionaire investor Warren
Buffett backing a Wall Street firm that's begun transforming itself
into a more-stable banking business. The Asian markets opened flat to
negative in the opening trade. The Japanese Benchmark Nikkei is
trading 0.5 percent lower at the open.
The government is considering a proposal, first raised in 2004, to
liberalise norms governing foreign institutional investors (FIIs) by
removing them from the ambit of sectoral limits on foreign
investment.sectors with composite caps which see administrative
control like telecommunication services, broadcast services like
direct-to-home and FM radio will benefit. ENIL, NDTV, TV Today
Network, BAG Films and Sun TV may be direct beneficiaries of show
this move.
Moserbaer after a strong move on Friday might spike again as the
company raised more than 400 crores by selling stake in its photo-
voltaic subsidiary. Ranbaxy is likely to come under pressure for the
third day in a row as the company's AIDS drug might come under the
radar spelling trouble for the company.
Yesterday's trade has seen some movement in the commodity stocks and
they might take a breather today. Watch out for select bank stocks. We
like ICICI Bank and the stock might see a decent move after losing
nearly 6 percent on Monday.OnMobile Ltd, Aftek, Syndicate Bank and
Sasken Communications look technically strong and are worth keeping on
the watch list.
Market Close Box:
BSE Sensex 13563.96 -431.00
NSE Nifty 4126.90 -96.15
USD Rs.45.72
Oil Nymex $106.6
B.Karthick
Research Analyst.