Pre- Market Report: 04.06.2009
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B. Karthick
Jun 4, 2009, 12:42:29 AM6/4/09
to Kences1
Profit booking likely on negative global cues
Investors are Dalal Street are likely to witness another day of flat
trade with some selling pressure due to profit booking from investors
to lock in their gains. Expect the benchmak index or the Sensex to
give up nearly 100 points or 0.7 percent for the day.
Stocks in Asia Pacific region are down on opening bell, as investors
sold equities responding to the negative cues from Wall Street.
Australia's S&P/ASX 200 slipped 0.6 percent, South Korea's Kospi is
down 0.5 percent and the Japanese Benchmak Nikkei gave up 0.5 percent
in early minutes of trade.
Investors broke the stock market's four-day rally on Wall Street and
sold off after data on the services industry and factory orders came
in below forecasts.The Dow Jones industrial average fell almost 66
points, or 0.8 percent, while the Standard & Poor's 500 index fell 1.4
percent. The Nasdaq composite index, which has been outperforming the
other indicators this year, fell just 0.6 percent.
FMCG stocks sprung back to life in yesterday's trade as investors bet
on sectors that have underperformed in the past 12 months. Textile
stocks were on fire on hopes of favorable textile policy in the soming
budegt. Some tax relief and relaxation of FDI norms is on cards.
Stocks like Arvind Mills, Alok Textile and Skumar's were active and
are likely to be major beneficiaries of the measure.
Leather and Apparel stocks are also seeing some demand, as stocks like
Crew BoS, Mirza tanneries and Evinix Apparel have shown a bullish
pattern on Wednesday's trade. Oil related stocks like Cairn India
might come under some pesuure after fall in crude prices. On the New
York Mercantile Exchange, July crude settled down $2.43, or 3.54
percent, at $66.12.
Overall the market is expected to remain in the negative territory,
barring some gains in select midcap stocks.Watch out for some select
stocks like Power Finance Corporation, Jyothy Laboratories, Nagreeka
Exports and Divi's Laboatories.
B.Karthick
Research Analyst.
Investors are Dalal Street are likely to witness another day of flat
trade with some selling pressure due to profit booking from investors
to lock in their gains. Expect the benchmak index or the Sensex to
give up nearly 100 points or 0.7 percent for the day.
Stocks in Asia Pacific region are down on opening bell, as investors
sold equities responding to the negative cues from Wall Street.
Australia's S&P/ASX 200 slipped 0.6 percent, South Korea's Kospi is
down 0.5 percent and the Japanese Benchmak Nikkei gave up 0.5 percent
in early minutes of trade.
Investors broke the stock market's four-day rally on Wall Street and
sold off after data on the services industry and factory orders came
in below forecasts.The Dow Jones industrial average fell almost 66
points, or 0.8 percent, while the Standard & Poor's 500 index fell 1.4
percent. The Nasdaq composite index, which has been outperforming the
other indicators this year, fell just 0.6 percent.
FMCG stocks sprung back to life in yesterday's trade as investors bet
on sectors that have underperformed in the past 12 months. Textile
stocks were on fire on hopes of favorable textile policy in the soming
budegt. Some tax relief and relaxation of FDI norms is on cards.
Stocks like Arvind Mills, Alok Textile and Skumar's were active and
are likely to be major beneficiaries of the measure.
Leather and Apparel stocks are also seeing some demand, as stocks like
Crew BoS, Mirza tanneries and Evinix Apparel have shown a bullish
pattern on Wednesday's trade. Oil related stocks like Cairn India
might come under some pesuure after fall in crude prices. On the New
York Mercantile Exchange, July crude settled down $2.43, or 3.54
percent, at $66.12.
Overall the market is expected to remain in the negative territory,
barring some gains in select midcap stocks.Watch out for some select
stocks like Power Finance Corporation, Jyothy Laboratories, Nagreeka
Exports and Divi's Laboatories.
B.Karthick
Research Analyst.
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