Pre-Market Report on 22.08.2008
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SUKUHOPES
Aug 21, 2008, 11:53:05 PM8/21/08
to Kences1
Stocks look to pull back after a steep fall
===================================================
Stocks look for a pull back after a horrific day yesterday. We expect
the index to cover some ground in today's trade, as the sell off on
Thursday looks overdone. Most of the activity will be limited to
select midcap's as most of the FII's who trade in large caps are on
the sidelines.
U.S. stocks finished mixed but mostly higher Thursday.Stocks in Asia
might be under pressure after a spike in the crude prices today.Oil
prices shot up more than $5 a barrel Thursday, rising to the highest
level in over two weeks as escalating tensions with Russia stoked
fears of supply disruptions to the West.
Light, sweet crude for October delivery jumped $5.62 to settle at
$121.18 a barrel on the New York Mercantile Exchange after earlier
rising as high as $122.04.The annual Wholesale Price Index-based
inflation rose 12.63 per cent during the week ended August 9, above
the previous week’s year-on-year rise of 12.44 per cent.
Inflation still remains an overhang on the markets, as the probability
of another rate hike by the RBI is on cards. The governments' move to
increase the wages of the central government by more than 20 percent
to steal the vote bank might add some fuel to the fire of raging
inflation.
Coming to the stock action Balaji Tele might see an up move as rumors
that ADAG might be interested in picking up Star group's stake in the
company. EIH has seen a spike in the Thursday's session on the news
that the Oberoi's are willing to sell some stake to strategic
investors. Cairn India, Reliance Petro, ONGC and Essar Oil are worth
keeping an eye for day traders. Expect a pull back in the market after
a bad day on the bourses yesterday.
Suitable stocks for 'Intraday' today
<ICICIBANK,TATASTEEL,RANBAXY,BHEL,ONGC,INFOSYSTCH,BHARTIARTL,CAIRN,JINDALSTEL,TATAMOTORS>
Market Close Box
BSE Sensex 14243.73 -434.50
NSE Nifty 4283.85 -131.90
USD Rs.43.58
Oil Nymex $121.1
N.Sukumar
Research Analyst
===================================================
Stocks look for a pull back after a horrific day yesterday. We expect
the index to cover some ground in today's trade, as the sell off on
Thursday looks overdone. Most of the activity will be limited to
select midcap's as most of the FII's who trade in large caps are on
the sidelines.
U.S. stocks finished mixed but mostly higher Thursday.Stocks in Asia
might be under pressure after a spike in the crude prices today.Oil
prices shot up more than $5 a barrel Thursday, rising to the highest
level in over two weeks as escalating tensions with Russia stoked
fears of supply disruptions to the West.
Light, sweet crude for October delivery jumped $5.62 to settle at
$121.18 a barrel on the New York Mercantile Exchange after earlier
rising as high as $122.04.The annual Wholesale Price Index-based
inflation rose 12.63 per cent during the week ended August 9, above
the previous week’s year-on-year rise of 12.44 per cent.
Inflation still remains an overhang on the markets, as the probability
of another rate hike by the RBI is on cards. The governments' move to
increase the wages of the central government by more than 20 percent
to steal the vote bank might add some fuel to the fire of raging
inflation.
Coming to the stock action Balaji Tele might see an up move as rumors
that ADAG might be interested in picking up Star group's stake in the
company. EIH has seen a spike in the Thursday's session on the news
that the Oberoi's are willing to sell some stake to strategic
investors. Cairn India, Reliance Petro, ONGC and Essar Oil are worth
keeping an eye for day traders. Expect a pull back in the market after
a bad day on the bourses yesterday.
Suitable stocks for 'Intraday' today
<ICICIBANK,TATASTEEL,RANBAXY,BHEL,ONGC,INFOSYSTCH,BHARTIARTL,CAIRN,JINDALSTEL,TATAMOTORS>
Market Close Box
BSE Sensex 14243.73 -434.50
NSE Nifty 4283.85 -131.90
USD Rs.43.58
Oil Nymex $121.1
N.Sukumar
Research Analyst
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