Pre-Market report on 01.08.2008
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SUKUHOPES
Aug 1, 2008, 12:03:06 AM8/1/08
to Kences1
A minor correction on cards
===================================================
Stocks are expected to consolidate and undergo minor correction on the
back of weak global cues and some profit taking after a good week
today. We expect the index to undergo a correction of 1 to 1.5
percent.
Wall Street sank Thursday, after weak readings on economic growth and
the job market touched off renewed concerns about the financial health
of businesses.The Commerce Department's report that gross domestic
product grew at a 1.9 percent Vs an estimate of 2.4percent pace in the
second quarter disappointed investors. The Dow tumbled by nearly 1.78
percent where as the Nasdaq gave up 0.18 percent for the day. Stocks
in Asian are expected to follow Wall Street but the fall might not be
so intense as falling Oil might provide some relief.
Finance minister, Mr P. Chidambaram, said on Thursday that the Central
government will pass the banking, pension and insurance bill in the
Parliament before the tenure of the present government comes to an
end.Insurance bill seeks to increase FDI limit in insurance companies
from the present 26 per cent to 49 per cent which might benefit stocks
like Max India. The banking bill allows foreign investors to have
voting rights in banks in proportion with their equity holding, rather
than being capped at 10 per cent now and this might help the stocks of
private banks.
On the commodity front Gold prices on Thursday fell by Rs 50 to touch
Rs 12,750 and Rs 12,600 per 10 gram on strengthening US dollar and
also concerns of falling demand.Oil prices pulled back Thursday,
wiping out some gains from the previous day's $4 a barrel rally.DLF
came out with good set of number and this might give some respite to
real estate stocks. Jet Airways and Deccan Aviation hiked their prices
on Thursday to counter the recent rally in Oil prices. This might help
the stocks today.
IT stocks might be under some pressure as Technology outsourcing
provider Cognizant Technologies came out with a nominal set of
numbers.HCL Technologies is set to report numbers today and expect
some downside in the stock. Some other stocks worth watching are
Hanung Toys, Renuka Sugars and there seems to be no stopping for SEL
manufacturing, which has become the darling of speculators.
Suitable stocks for "Intraday" today
<RELIANCE,CAIRN,SBIN,SUZLON,INDIABULLS,EDUCOMP,KOTAKBANK,SUNPHARMA,HEROHONDA,ORCHIDCHEM>
Market Close Box
BSE Sensex 14355.75 68.54
NSE Nifty 4332.95 19.40
USD Rs.42.49
Oil Nymex $123.2
N.Sukumar
Research Analyst
===================================================
Stocks are expected to consolidate and undergo minor correction on the
back of weak global cues and some profit taking after a good week
today. We expect the index to undergo a correction of 1 to 1.5
percent.
Wall Street sank Thursday, after weak readings on economic growth and
the job market touched off renewed concerns about the financial health
of businesses.The Commerce Department's report that gross domestic
product grew at a 1.9 percent Vs an estimate of 2.4percent pace in the
second quarter disappointed investors. The Dow tumbled by nearly 1.78
percent where as the Nasdaq gave up 0.18 percent for the day. Stocks
in Asian are expected to follow Wall Street but the fall might not be
so intense as falling Oil might provide some relief.
Finance minister, Mr P. Chidambaram, said on Thursday that the Central
government will pass the banking, pension and insurance bill in the
Parliament before the tenure of the present government comes to an
end.Insurance bill seeks to increase FDI limit in insurance companies
from the present 26 per cent to 49 per cent which might benefit stocks
like Max India. The banking bill allows foreign investors to have
voting rights in banks in proportion with their equity holding, rather
than being capped at 10 per cent now and this might help the stocks of
private banks.
On the commodity front Gold prices on Thursday fell by Rs 50 to touch
Rs 12,750 and Rs 12,600 per 10 gram on strengthening US dollar and
also concerns of falling demand.Oil prices pulled back Thursday,
wiping out some gains from the previous day's $4 a barrel rally.DLF
came out with good set of number and this might give some respite to
real estate stocks. Jet Airways and Deccan Aviation hiked their prices
on Thursday to counter the recent rally in Oil prices. This might help
the stocks today.
IT stocks might be under some pressure as Technology outsourcing
provider Cognizant Technologies came out with a nominal set of
numbers.HCL Technologies is set to report numbers today and expect
some downside in the stock. Some other stocks worth watching are
Hanung Toys, Renuka Sugars and there seems to be no stopping for SEL
manufacturing, which has become the darling of speculators.
Suitable stocks for "Intraday" today
<RELIANCE,CAIRN,SBIN,SUZLON,INDIABULLS,EDUCOMP,KOTAKBANK,SUNPHARMA,HEROHONDA,ORCHIDCHEM>
Market Close Box
BSE Sensex 14355.75 68.54
NSE Nifty 4332.95 19.40
USD Rs.42.49
Oil Nymex $123.2
N.Sukumar
Research Analyst
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