Pre-Market report on 14.05.2008
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N.Sukumar
May 14, 2008, 12:10:25 AM5/14/08
to Kences1
Another weak session, Courtesy: Crude, Credit and Inflation
===================================================
Indian markets are headed for another bearish session on weak global
cues and negative sentiment in the domestic markets. The trading
volume in the stock exchanges have been lacklustre as most of the
investors are staying on the sidelines.
Wall Street turned in a mixed performance Tuesday after the data on
retail sales and the rising oil price has dampened the investor
sentiment. The Dow closed down 0.3 percent where as NASDAQ closed up
nearly 0.3 percent. Credit concerns continue to weigh on the markets
as bond insurers MBIA Inc. and Ambac Financial Group Inc. had reported
higher losses than expected and this got a boost from Bernanke's
comments that,financial markets remain unsettled and the central bank
will increase its auctions of cash to banks as needed.
On the domestic front bomb blasts rocked the 'Pink City' of Jaipur
leaving at least 80 killed and 200 injured. This might provide a
chance for the bears to dominate in the morning session. SEBI has
announced that the application money earmarked for an IPO will now
remain in the applicant’s bank account till the allotment is
finalised, thus eliminating the refund process, which is a good news
for the retail investors in the primary market.
On the currency front the rupee is under pressure as there's
widespread demand for the dollar, from oil companies and all sorts of
importers. The rupee declined to a new 13 month low of Rs 42.11 per
dollar.Watch out for the IT stocks and the industry as a whole, as the
sector has underperformed the benchmark in the past 24 months on
currency concerns.The data on Tea exports came as positive surprise as
Tea exports for the month of March have exceeded expectations and
rebounded by more than 20 percent on supply concerns from Tea
producing nations like Kenya on expectations of a bad crop.
Some of the stocks that showed strength in yesterdays trade and look
promising are Mphasis, Orchid Chemicals, LG Bala and Moser Baer.
Shipping Corp might spike on the news that it will consider a liberal
bonus issue in the coming week.One could expect a one percent decline
in the benchmark index in today's trade.
Market Close Box
BSE Sensex 16707.50 -153.40
NSE Nifty 4946.35 -66.30
USD Rs.41.97
Oil Nymex $125.8
N.Sukumar
Research Analyst
===================================================
Indian markets are headed for another bearish session on weak global
cues and negative sentiment in the domestic markets. The trading
volume in the stock exchanges have been lacklustre as most of the
investors are staying on the sidelines.
Wall Street turned in a mixed performance Tuesday after the data on
retail sales and the rising oil price has dampened the investor
sentiment. The Dow closed down 0.3 percent where as NASDAQ closed up
nearly 0.3 percent. Credit concerns continue to weigh on the markets
as bond insurers MBIA Inc. and Ambac Financial Group Inc. had reported
higher losses than expected and this got a boost from Bernanke's
comments that,financial markets remain unsettled and the central bank
will increase its auctions of cash to banks as needed.
On the domestic front bomb blasts rocked the 'Pink City' of Jaipur
leaving at least 80 killed and 200 injured. This might provide a
chance for the bears to dominate in the morning session. SEBI has
announced that the application money earmarked for an IPO will now
remain in the applicant’s bank account till the allotment is
finalised, thus eliminating the refund process, which is a good news
for the retail investors in the primary market.
On the currency front the rupee is under pressure as there's
widespread demand for the dollar, from oil companies and all sorts of
importers. The rupee declined to a new 13 month low of Rs 42.11 per
dollar.Watch out for the IT stocks and the industry as a whole, as the
sector has underperformed the benchmark in the past 24 months on
currency concerns.The data on Tea exports came as positive surprise as
Tea exports for the month of March have exceeded expectations and
rebounded by more than 20 percent on supply concerns from Tea
producing nations like Kenya on expectations of a bad crop.
Some of the stocks that showed strength in yesterdays trade and look
promising are Mphasis, Orchid Chemicals, LG Bala and Moser Baer.
Shipping Corp might spike on the news that it will consider a liberal
bonus issue in the coming week.One could expect a one percent decline
in the benchmark index in today's trade.
Market Close Box
BSE Sensex 16707.50 -153.40
NSE Nifty 4946.35 -66.30
USD Rs.41.97
Oil Nymex $125.8
N.Sukumar
Research Analyst
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