Pre-Market Report on 14.08.2008
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SUKUHOPES
Aug 14, 2008, 12:11:21 AM8/14/08
to Kences1
Midcaps to run the show, Bulls expected to take things slow
===================================================
Stocks in India look to recover after suffering losses for two days in
a row. Spike in Oil and lower GDP growth forecast might be a tough
hurdle for the bulls to pass through. Expect the market to have a
slightly lower open and may be a minor recovery towards the end of the
session.
Overnight stocks in Wall Street ended lower on concerns over the
health of financial companies and but NASDAQ fared better on news from
the semiconductor sector. he Dow fell 109.51, or 0.94 percent, to
11,532.96.The Standard & Poor's 500 index slipped 3.76, or 0.29
percent, to 1,285.83, while the tech-focused Nasdaq composite index
fell 1.99, or 0.08 percent, to 2,428.62.
Oil prices rebounded Wednesday on Nymex, jumping back to $116 a barrel
after the government reported a bigger-than-expected drop in U.S.
gasoline supplies. Asian market opened slightly lower reflecting the
global sentiment in equities. On the domestic front SEBI announced
that QIP issues could be priced on the basis of the average price of
two weeks before the issue, against the earlier requirement of taking
the higher of the average previous six months’ or 15 days’ price. This
is a great news for the corporate world as the relaxation would allow
companies to raise capital with much ease.
Meanwhile it looks like foreign hedge funds still have a strong
appetite for Indian equities. The latest data released by SEBI reveals
that 56 overseas funds that registered to buy shares in Indian markets
in July, the most this year. In what is said to be a welcoming win for
Ranbaxy, the Food and Drug Administration approved 18 generic drugs
made by Ranbaxy Laboratories Ltd amidst a pending investigation on the
data presented by the company to obtain drug approval from the agency.
Subex Azure which gained nearly 20 percent might see some more
interest as London-based strategic investment firm Greater Pacific
Capital took a 20 per cent in Azure Knowledge Corporation Pvt Ltd for
$ 32.5 million. Midcaps might again steal the show today as we are
seeing heightened interest in the second rung counters and the volumes
in this segment have improved considerably. So expect a lower open and
may be a flat Sensex with a more focus and action that will likely be
limited to select midcaps.
Suitable stocks for "Intraday" today
<ICICIBANK,IBREALEST,BHEL,DLF,RCOM,PUNJLLOYD,JINDALSTEL,STER,BOMDYEING,ABB>
Market Close Box
BSE Sensex 15093.12 -119.01
NSE Nifty 4529.05 -23.20
USD Rs.42.67
Oil Nymex $116.0
N.Sukumar
Research Analyst
===================================================
Stocks in India look to recover after suffering losses for two days in
a row. Spike in Oil and lower GDP growth forecast might be a tough
hurdle for the bulls to pass through. Expect the market to have a
slightly lower open and may be a minor recovery towards the end of the
session.
Overnight stocks in Wall Street ended lower on concerns over the
health of financial companies and but NASDAQ fared better on news from
the semiconductor sector. he Dow fell 109.51, or 0.94 percent, to
11,532.96.The Standard & Poor's 500 index slipped 3.76, or 0.29
percent, to 1,285.83, while the tech-focused Nasdaq composite index
fell 1.99, or 0.08 percent, to 2,428.62.
Oil prices rebounded Wednesday on Nymex, jumping back to $116 a barrel
after the government reported a bigger-than-expected drop in U.S.
gasoline supplies. Asian market opened slightly lower reflecting the
global sentiment in equities. On the domestic front SEBI announced
that QIP issues could be priced on the basis of the average price of
two weeks before the issue, against the earlier requirement of taking
the higher of the average previous six months’ or 15 days’ price. This
is a great news for the corporate world as the relaxation would allow
companies to raise capital with much ease.
Meanwhile it looks like foreign hedge funds still have a strong
appetite for Indian equities. The latest data released by SEBI reveals
that 56 overseas funds that registered to buy shares in Indian markets
in July, the most this year. In what is said to be a welcoming win for
Ranbaxy, the Food and Drug Administration approved 18 generic drugs
made by Ranbaxy Laboratories Ltd amidst a pending investigation on the
data presented by the company to obtain drug approval from the agency.
Subex Azure which gained nearly 20 percent might see some more
interest as London-based strategic investment firm Greater Pacific
Capital took a 20 per cent in Azure Knowledge Corporation Pvt Ltd for
$ 32.5 million. Midcaps might again steal the show today as we are
seeing heightened interest in the second rung counters and the volumes
in this segment have improved considerably. So expect a lower open and
may be a flat Sensex with a more focus and action that will likely be
limited to select midcaps.
Suitable stocks for "Intraday" today
<ICICIBANK,IBREALEST,BHEL,DLF,RCOM,PUNJLLOYD,JINDALSTEL,STER,BOMDYEING,ABB>
Market Close Box
BSE Sensex 15093.12 -119.01
NSE Nifty 4529.05 -23.20
USD Rs.42.67
Oil Nymex $116.0
N.Sukumar
Research Analyst
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