PRE-MARKET REPORT - 29.05.2008
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N.Sukumar
May 28, 2008, 11:53:52 PM5/28/08
to Kences1
Bulls looking to make it two days in a row
===================================================
The Indian markets after a decent bounce yesterday after being
eclipsed by a bear phase for the past 5 days are looking to
consolidate on their gains on Thursday. The markets are technically
looking good, having closed at their highs yesterday.
The global cues are positive after the US market ended in the positive
territory before seeing see-saw action for most of the day. The Dow
ended with minor gains ending higher by 46 points or 0.36 percent,
where as the NASDAQ inched up by 0.2 percent or 5 points to close at
2,486.70. The Asian markets made a good start for the day boosting the
overall sentiment in the region.
Auto Sector is currently under focus as both Mahindra and Tata Motors
have reported dismal numbers that came below the expectations. The
sectors is slowly feeling the heat of rising metal prices and also a
spike in the crude prices. We see things getting worse in this sector
as a hike in the interest rate might keep most of the potential buyers
away from the auto market. Tata Motors in particular should see a mum
period for the next 12-18 months as it will struggle to absorb the
Jaguar acquisition. The company today announced that it would raise
nearly Rs 10,000 Crores from via rights issue and this dilution might
impact the earnings in the medium term.
Oil companies might see some relief soon and intelligent investors are
already loading up on scrips like IOC, HPCL and BPCL as they feel that
the worst is over for this sector. Fertilizer stocks rallied yesterday
on the news of hike in the fertilizer subsidy bill. Banking and Auto
sectors are the sectors that one could avoid in the short term. IFCI,
Adlabs, Punjab Lloyd and LG Balakrishna are some of the stocks that
few stocks that are worth placing on the watch list for the day.
Today Stocks suitable for intraday
<BHEL,BHARTIARTL,HDIL,JINDALSTEL,SESAGOA,TCS,BAJAJAUTO>
Market Close Box
BSE Sensex 16525.37 249.779
NSE Nifty 4918.35 58.55
USD Rs.42.89
Oil Nymex $128.8
N.Sukumar
Research Analyst
===================================================
The Indian markets after a decent bounce yesterday after being
eclipsed by a bear phase for the past 5 days are looking to
consolidate on their gains on Thursday. The markets are technically
looking good, having closed at their highs yesterday.
The global cues are positive after the US market ended in the positive
territory before seeing see-saw action for most of the day. The Dow
ended with minor gains ending higher by 46 points or 0.36 percent,
where as the NASDAQ inched up by 0.2 percent or 5 points to close at
2,486.70. The Asian markets made a good start for the day boosting the
overall sentiment in the region.
Auto Sector is currently under focus as both Mahindra and Tata Motors
have reported dismal numbers that came below the expectations. The
sectors is slowly feeling the heat of rising metal prices and also a
spike in the crude prices. We see things getting worse in this sector
as a hike in the interest rate might keep most of the potential buyers
away from the auto market. Tata Motors in particular should see a mum
period for the next 12-18 months as it will struggle to absorb the
Jaguar acquisition. The company today announced that it would raise
nearly Rs 10,000 Crores from via rights issue and this dilution might
impact the earnings in the medium term.
Oil companies might see some relief soon and intelligent investors are
already loading up on scrips like IOC, HPCL and BPCL as they feel that
the worst is over for this sector. Fertilizer stocks rallied yesterday
on the news of hike in the fertilizer subsidy bill. Banking and Auto
sectors are the sectors that one could avoid in the short term. IFCI,
Adlabs, Punjab Lloyd and LG Balakrishna are some of the stocks that
few stocks that are worth placing on the watch list for the day.
Today Stocks suitable for intraday
<BHEL,BHARTIARTL,HDIL,JINDALSTEL,SESAGOA,TCS,BAJAJAUTO>
Market Close Box
BSE Sensex 16525.37 249.779
NSE Nifty 4918.35 58.55
USD Rs.42.89
Oil Nymex $128.8
N.Sukumar
Research Analyst
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