Pre - Market report on 23.05.2008
0 views
Skip to first unread message
Kence...@gmail.com
May 23, 2008, 12:17:43 AM5/23/08
to Kences1
Markets look up as Crude falls
================================================
Markets look to bounce back after a day of correction yesterday. The
fall in the crude prices should come as a relief to the reeling stocks
and might help the Sensex to climb the 17,000 mark.
Wall Street bounced back of two days of losses on Thursday. Crude fell
nearly $2.36 to settle at $130.81 giving a sigh of relief to the
investors. The Dow gained 24.43 points to close at 12,625.62, where as
the NASDAQ gained 16.31 points or 0.67 percent to close the day at
2,2464.58. Futures indicate a higher open for the Asian stocks which
have had a bad week so far. There is a strong possibility of the
government announcing a relief package to the State owned Oil
marketing firms on Friday. Petroleum Minister Murli Deora is scheduled
to meet Prime Minister Manmohan Singh and the heads of state-run firms
on Friday to discuss the possibility of raising fuel prices as oil's
rally to record highs over $135 a barrel threatens to cripple the
existence of these firms.
On the Corporate front US-based Providence Equity Partners has picked
up 20 per cent stake in Aditya Birla Telecom, a subsidiary of Idea
Cellular, for $640 million. Bajaj Auto gave a grim outlook on motor
cycle sales for the coming year. The company expects sales to remain
sluggish this fiscal year as higher interest rates might crimp the
demand for motor cycles. The rupee closed the day at 42.95 before
reaching a high of Rs 43.20, the lowest in the last 14 months.
Refining firms like HPCL, BPCL and IOC might see some activity ahead
of the decision on raising oil prices. Metals continue to look good
along with IT stocks. It is not a bad idea to avoid taking positions
in banking and auto stocks for the time being. The action is likely to
continue in speculative midcaps driven by operator activity. Stocks
that showed strength yesterday and look promising for today include,
Gujarat Sidhee, Uttam Galva, Jayswal Neco, Ess Dee aluminium, Eclerx
Services.
================================================
Today suitable stocks for intraday :
ICICIBANK,RPL,RCOM,LT,INDIABULLS.
================================================
Market Close Box
BSE Sensex 16907.11 -336.051
NSE Nifty 5025.45 -92.20
USD Rs.43.15
Oil Nymex $130.8
K.Karthik Raja
Research Analyst
================================================
Markets look to bounce back after a day of correction yesterday. The
fall in the crude prices should come as a relief to the reeling stocks
and might help the Sensex to climb the 17,000 mark.
Wall Street bounced back of two days of losses on Thursday. Crude fell
nearly $2.36 to settle at $130.81 giving a sigh of relief to the
investors. The Dow gained 24.43 points to close at 12,625.62, where as
the NASDAQ gained 16.31 points or 0.67 percent to close the day at
2,2464.58. Futures indicate a higher open for the Asian stocks which
have had a bad week so far. There is a strong possibility of the
government announcing a relief package to the State owned Oil
marketing firms on Friday. Petroleum Minister Murli Deora is scheduled
to meet Prime Minister Manmohan Singh and the heads of state-run firms
on Friday to discuss the possibility of raising fuel prices as oil's
rally to record highs over $135 a barrel threatens to cripple the
existence of these firms.
On the Corporate front US-based Providence Equity Partners has picked
up 20 per cent stake in Aditya Birla Telecom, a subsidiary of Idea
Cellular, for $640 million. Bajaj Auto gave a grim outlook on motor
cycle sales for the coming year. The company expects sales to remain
sluggish this fiscal year as higher interest rates might crimp the
demand for motor cycles. The rupee closed the day at 42.95 before
reaching a high of Rs 43.20, the lowest in the last 14 months.
Refining firms like HPCL, BPCL and IOC might see some activity ahead
of the decision on raising oil prices. Metals continue to look good
along with IT stocks. It is not a bad idea to avoid taking positions
in banking and auto stocks for the time being. The action is likely to
continue in speculative midcaps driven by operator activity. Stocks
that showed strength yesterday and look promising for today include,
Gujarat Sidhee, Uttam Galva, Jayswal Neco, Ess Dee aluminium, Eclerx
Services.
================================================
Today suitable stocks for intraday :
ICICIBANK,RPL,RCOM,LT,INDIABULLS.
================================================
Market Close Box
BSE Sensex 16907.11 -336.051
NSE Nifty 5025.45 -92.20
USD Rs.43.15
Oil Nymex $130.8
K.Karthik Raja
Research Analyst
Reply all
Reply to author
Forward
0 new messages