Pre-Market report on 16.05.2008
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N.Sukumar
May 16, 2008, 12:13:27 AM5/16/08
to Kences1
Sensex 'on a Hatrick'
===================================================
Markets after gaining two days in a row is poised for another day of
gains on Friday.The US markets closed in the positive territory after
a pull back in oil prices and better than expected data. The Dow
Industrial average gained nearly 0.73 percent or 94 points to close
the day at 1,992.66 where as the technology based NASDAQ pulled back
nicely registering a 1.5 percent gain to reach 2,533.73.
Yesterday's trade was dominated by stocks in Metal, Realty and sugar
sectors. Sugar stocks gained on SC ruling allowing sugar mills in
Uttar Pradesh to pay farmers Rs 110 per 100 kg for cane, which is less
than set by the state boosting the margins of the Sugar companies.
This was reflected in price movements in Triveni and Bajaj Hindustan
which gained nearly 8 to 10 percent.
The IPO market is again gaining steam with Reliance Infratel planning
a 6000 Crore issue some time soon and MCX is expected to follow up
with 600 Crore issue to be priced at nearly Rs 600 per share.
According to one of the pink papers Taiwan's Sanyang Industry Company
has joined the race with M&M to acquire Kinetic motors. Midcaps which
remained subdued all through the week should outperform the market on
Friday.
We expect Auto, Oil & Gas and Midcap IT to shine in today's trade.
Some of the stocks that show promise in todays trade include Mercator
lines, Assam Company and Sankhya Infotech.Please stay away from
trading or investing in Aishwarya Teleceom (Rs 123) as we believe that
the 'signal is weak' for this company.
Market Close Box
BSE Sensex 17353.54 375.189
NSE Nifty 5115.25 103.50
USD Rs.41.97
Oil Nymex $125.8
N.Sukumar
Research Analyst
===================================================
Markets after gaining two days in a row is poised for another day of
gains on Friday.The US markets closed in the positive territory after
a pull back in oil prices and better than expected data. The Dow
Industrial average gained nearly 0.73 percent or 94 points to close
the day at 1,992.66 where as the technology based NASDAQ pulled back
nicely registering a 1.5 percent gain to reach 2,533.73.
Yesterday's trade was dominated by stocks in Metal, Realty and sugar
sectors. Sugar stocks gained on SC ruling allowing sugar mills in
Uttar Pradesh to pay farmers Rs 110 per 100 kg for cane, which is less
than set by the state boosting the margins of the Sugar companies.
This was reflected in price movements in Triveni and Bajaj Hindustan
which gained nearly 8 to 10 percent.
The IPO market is again gaining steam with Reliance Infratel planning
a 6000 Crore issue some time soon and MCX is expected to follow up
with 600 Crore issue to be priced at nearly Rs 600 per share.
According to one of the pink papers Taiwan's Sanyang Industry Company
has joined the race with M&M to acquire Kinetic motors. Midcaps which
remained subdued all through the week should outperform the market on
Friday.
We expect Auto, Oil & Gas and Midcap IT to shine in today's trade.
Some of the stocks that show promise in todays trade include Mercator
lines, Assam Company and Sankhya Infotech.Please stay away from
trading or investing in Aishwarya Teleceom (Rs 123) as we believe that
the 'signal is weak' for this company.
Market Close Box
BSE Sensex 17353.54 375.189
NSE Nifty 5115.25 103.50
USD Rs.41.97
Oil Nymex $125.8
N.Sukumar
Research Analyst
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