Pre-Market Report on 10.09.2008

[B. Karthick]

Global Credit concerns continue to haunt the markets, Sensex to open
lower
===================================================

Stocks are likely to take a hair cut on wednesday as concerns of
global financial crisis are likely to dampen the market sentiment.
Expect the market to test yesterday's lows and a decline of 1 to 1.5
percent is not ruled out on the Sensex.

Stocks tumbled Tuesday on Wall Street, nearly erasing the previous
session's big gains, after fresh concerns about the stability of
Lehman Brothers Holdings Inc. punctured a sense of optimism about the
financial sector. Each of the major indexes lost more than 2 percent.
The Dow Jones industrials fell nearly 2.43 percent, where as the
Nasdaq shed 2.63 percent value.

Stocks across the globe declined in early morning trade as Lehman woes
had an impact on the financial stocks. The Nikkei 225 Average lost
1.9% to 12,164.81 and the broader Topix index gave up 1.5% to
1,174.28. Australia's S&P/ASX 200 shrank 1.6% to 4,900.30 and South
Korea's Kospi lost 1.7% to 1,430.05.

In aftermarket trading Tuesday, prices tumbled more than $4 a barrel
to a new five-month low of $101.74, for the first time since early
April as traders bet that Hurricane Ike would miss critical Gulf Coast
oil installations and in Vienna, OPEC's president signaled the cartel
wouldn't cut production.

Meanwhile on the domestic front,RBI governor, Duvvuri Subbarao sounded
positive on growth and a little less hawkish than his predecessor on
inflation. He reiterated a growth rate of 8 percent this year and was
positive about a fall in record inflation numbers soon. The stock of
Sterlite and Madras Alum might correct after a huge move for the first
two days of the week as investors might look to exit the stocks after
the news.

Expect a volatile session today as the stocks are expected to have a
lower opening, but any sort of news on the Lehman selling the stake
might reverse the trend and a strong bounce as we believe that there
will be some fresh short positions this morning.IT and banking sectors
are likely to witness some pressure early in the morning. It is a
great idea to sit out of trading today and avoid the volatility.

Suitable stocks for intraday today:
<ICICIBANK, BHEL, SBIN, BHARTIARTL, ABAN, DRREDDY, SUZLON, BANKINDIA,
BPCL, INDIABULLS>

Market Close Box:
BSE Sensex 14900.76 -44.21
NSE Nifty 4468.70 -13.60
USD Rs.44.89
Oil Nymex $103.2

B.Karthick
Research Anlayst.