Pre-Market Report: 16.06.2009
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B. Karthick
Jun 16, 2009, 12:15:00 AM6/16/09
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Negative global cues to weigh on the markets
Bears are likely to dominate Tuesday's session on Dalal Street, as
negative global cues and profit booking might take a toll on the
Sensex. Expect the benchmark index to give up nearly 2 percent or
nearly 300 points and might test the crucial technical support of
14,520.00.
Wall Street experienced a terrible day as stocks markets tumbled as
new worries about the economy emerged after an index of manufacturing
in New York indicated that demand weakened in June.The Dow fell
187.13, or 2.1 percent, to 8,612.13, and returned to a loss for the
year. The broader Standard & Poor's 500 index fell 22.49, or 2.4
percent, to 923.72, and the Nasdaq composite index fell 42.42, or 2.3
percent, to 1,816.38.
Raytheon Co. is eyeing India as a big growth market for the next five
years with the potential to sell India new weapon systems for fighter
aircraft, infrastructure security and hardware for missile defense.To
gain access, the U.S. company's missile-defense unit has sought out a
number of partnerships with Indian businesses and is close to reaching
two agreements. One of them will be with Tata Power.
In a separate development in what could be a theme going forward, Dr.
Reddy's Laboratories Ltd and U.K.-based GlaxoSmithKline PLC(GSK)
Monday announced a partnership to develop and sell selected products
across emerging markets, excluding India, with immediate effect. This
could bode well for Indian pharma industry as we are seeing
multinational companies showing increased interest in Indian firms as
Obama's healthcare reform is likely to boost the fortunes of generic
manufacturers.
Metals stocks took a beating on Monday as expected. Sterlite Ind, Tata
Steel and SAIL were among the major losers on the Nifty as predicted
by us yesterday. We might see further correction in Realty, Metal and
this might spread to Consumer Goods and Durables today.
RNRL was a high flier yesterday as the stock jumped by nearly 25
percent to Rs 108 on the news of favorable court ruling. We advise
investors to book partial profits int his stock, as the legal battle
might extend for few months or years as RIL is likely to move to the
higher court. It is a good idea to sit out of the markets today, as
ther will be only few opportunities to trade. The market is likely to
open low stealing away the opportunity to short at attractive prices.
We advise investors not to short the market after a 2 percent fall in
Sensex, intraday.
B.Karthick
Research Analyst.
Bears are likely to dominate Tuesday's session on Dalal Street, as
negative global cues and profit booking might take a toll on the
Sensex. Expect the benchmark index to give up nearly 2 percent or
nearly 300 points and might test the crucial technical support of
14,520.00.
Wall Street experienced a terrible day as stocks markets tumbled as
new worries about the economy emerged after an index of manufacturing
in New York indicated that demand weakened in June.The Dow fell
187.13, or 2.1 percent, to 8,612.13, and returned to a loss for the
year. The broader Standard & Poor's 500 index fell 22.49, or 2.4
percent, to 923.72, and the Nasdaq composite index fell 42.42, or 2.3
percent, to 1,816.38.
Raytheon Co. is eyeing India as a big growth market for the next five
years with the potential to sell India new weapon systems for fighter
aircraft, infrastructure security and hardware for missile defense.To
gain access, the U.S. company's missile-defense unit has sought out a
number of partnerships with Indian businesses and is close to reaching
two agreements. One of them will be with Tata Power.
In a separate development in what could be a theme going forward, Dr.
Reddy's Laboratories Ltd and U.K.-based GlaxoSmithKline PLC(GSK)
Monday announced a partnership to develop and sell selected products
across emerging markets, excluding India, with immediate effect. This
could bode well for Indian pharma industry as we are seeing
multinational companies showing increased interest in Indian firms as
Obama's healthcare reform is likely to boost the fortunes of generic
manufacturers.
Metals stocks took a beating on Monday as expected. Sterlite Ind, Tata
Steel and SAIL were among the major losers on the Nifty as predicted
by us yesterday. We might see further correction in Realty, Metal and
this might spread to Consumer Goods and Durables today.
RNRL was a high flier yesterday as the stock jumped by nearly 25
percent to Rs 108 on the news of favorable court ruling. We advise
investors to book partial profits int his stock, as the legal battle
might extend for few months or years as RIL is likely to move to the
higher court. It is a good idea to sit out of the markets today, as
ther will be only few opportunities to trade. The market is likely to
open low stealing away the opportunity to short at attractive prices.
We advise investors not to short the market after a 2 percent fall in
Sensex, intraday.
B.Karthick
Research Analyst.
raja magi
Jun 16, 2009, 1:16:09 AM6/16/09
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thank you
raja magi
Jun 16, 2009, 1:16:50 AM6/16/09
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