Pre-Market Report on 25.08.2008
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SUKUHOPES
Aug 25, 2008, 12:12:43 AM8/25/08
to Kences1
Fall in crude oil prices to propel the Sensex
===================================================
Stocks are set to open higher in early morning trade as crude pulled
back over the weekend giving some relief for bulls in the equity
market. The Sensex is likely to gain nearly 300 points or more than
two percent for the day.
Stocks in Wall Street finished off the week with a bang, as the Dow
gained 1.73 percent and the Nasdaq gained 1.44 percent. Asian indices
jumped on opening bell in today's trade. The Nikkei 225 Stock Average
(Japan) rose 157.98, or 1.3 percent, to 12,824.02 at the time of this
review.
IT and FMCG sectors are likely to dominate the market today. HLL and
ITC look decent at current levels and might witness some demand. Steel
stocks might be under pressure as there are news reports that the
government may persuade Steel Authority of India Ltd. and the other
steelmakers to lower prices if global rates of the alloy fall as a
measure to cool the inflation.
Tata Motors Ltd is in news today as the company may move production
from the state of West Bengal to avoid protests stemming from a land
dispute. In a separate development the company also plans to cut the
production. A drop in sales figures has forced the Tata-owned Jaguar
and Land Rover to cut production of utility vehicles and redeploy
about 300 workers.
Stocks that are in the F&O segment might witness some volatility ahead
of the expiry this week. A strong rally and a gain of over 500 points
is not ruled out, as short covering might provide the much needed
momentum for the bulls.If all goes well, we might see the much awaited
15,000 on the Sensex in the next two sessions.
Suitable stocks for 'Intraday' today
<ICICIBANK,BHEL,RELINFRA,INFOSYSTCH,RCOM,HDFCBANK,BANKINDIA,TATAPOWER,ABAN,
TATAMOTORS>
Market Close Box
BSE Sensex 14401.49 157.76
NSE Nifty 4327.45 43.60
USD Rs.43.38
Oil Nymex $114.5
N.Sukumar
Research Analyst
===================================================
Stocks are set to open higher in early morning trade as crude pulled
back over the weekend giving some relief for bulls in the equity
market. The Sensex is likely to gain nearly 300 points or more than
two percent for the day.
Stocks in Wall Street finished off the week with a bang, as the Dow
gained 1.73 percent and the Nasdaq gained 1.44 percent. Asian indices
jumped on opening bell in today's trade. The Nikkei 225 Stock Average
(Japan) rose 157.98, or 1.3 percent, to 12,824.02 at the time of this
review.
IT and FMCG sectors are likely to dominate the market today. HLL and
ITC look decent at current levels and might witness some demand. Steel
stocks might be under pressure as there are news reports that the
government may persuade Steel Authority of India Ltd. and the other
steelmakers to lower prices if global rates of the alloy fall as a
measure to cool the inflation.
Tata Motors Ltd is in news today as the company may move production
from the state of West Bengal to avoid protests stemming from a land
dispute. In a separate development the company also plans to cut the
production. A drop in sales figures has forced the Tata-owned Jaguar
and Land Rover to cut production of utility vehicles and redeploy
about 300 workers.
Stocks that are in the F&O segment might witness some volatility ahead
of the expiry this week. A strong rally and a gain of over 500 points
is not ruled out, as short covering might provide the much needed
momentum for the bulls.If all goes well, we might see the much awaited
15,000 on the Sensex in the next two sessions.
Suitable stocks for 'Intraday' today
<ICICIBANK,BHEL,RELINFRA,INFOSYSTCH,RCOM,HDFCBANK,BANKINDIA,TATAPOWER,ABAN,
TATAMOTORS>
Market Close Box
BSE Sensex 14401.49 157.76
NSE Nifty 4327.45 43.60
USD Rs.43.38
Oil Nymex $114.5
N.Sukumar
Research Analyst
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