Pre-Market report on 13.05.2008
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N.Sukumar
May 13, 2008, 12:02:22 AM5/13/08
to Kences1
A subdued to postive opening on cards
===================================================
Wall Street rejoiced Monday morning with crude heading south bound.
Dow Jones after a pathetic friday gained 130.43 points to close at
12,876.31 while Nasdaq closed the day at 2,488.49, up 42.97 points.
After hours there are confirmed reports of HP in talks with EDS
(parent of Mphasis BFL) for a merger. It appears many companies are
taking advantage of the weak/sluggish economy to buy out rivals for a
unbelievably cheaper prices.
China was hit with a massive earth quake yesterday and the impact is
seen across the financial markets. Crude will see a negative impact as
the demand is unlikely to increase given the aftermarth quake
conditions. Japanese Economy Minister Hiroko Ota said Tuesday that the
big earthquake that hit China could eventually affect the overall
Japanese economy. Chinese stocks traded on NYSE fell to the lowest in
more than two weeks. Shangai is likely to see a lower open today.
Indian Markets are likely to open marginally in the green today but we
do not expect huge gains. IIP numbers are definitely negative and
below expectations. ET reports that SBI decided to partner Insurance
Australia Group for its proposed non-life joint venture. SBI, couple
of weeks back beat market expectations with impeccable Q4 numbers.
GAIL India, Varun Shipping, EIH Hotels, Usha Martin will declare Q4
numbers today. Till date the results declared by many companies are
inline with expectations. Pharma company Ranbaxy Laboratories has
entered into a long-term drug discovery and development agreement with
the US-based pharma company Merck in the area of anti-infective
medicines. Market reacted positively to the announcement and the stock
is likely cruise past the magic 500 levels today.
We expect the midcaps to perform well in comparision to the
frontliners. Have a great trading day.
Market Close Box
BSE Sensex 1686090.00 123.83
NSE Nifty 5012.00 30.05
USD Rs.41.97
Oil Nymex $124.2
N.Sukumar
Research Analyst
===================================================
Wall Street rejoiced Monday morning with crude heading south bound.
Dow Jones after a pathetic friday gained 130.43 points to close at
12,876.31 while Nasdaq closed the day at 2,488.49, up 42.97 points.
After hours there are confirmed reports of HP in talks with EDS
(parent of Mphasis BFL) for a merger. It appears many companies are
taking advantage of the weak/sluggish economy to buy out rivals for a
unbelievably cheaper prices.
China was hit with a massive earth quake yesterday and the impact is
seen across the financial markets. Crude will see a negative impact as
the demand is unlikely to increase given the aftermarth quake
conditions. Japanese Economy Minister Hiroko Ota said Tuesday that the
big earthquake that hit China could eventually affect the overall
Japanese economy. Chinese stocks traded on NYSE fell to the lowest in
more than two weeks. Shangai is likely to see a lower open today.
Indian Markets are likely to open marginally in the green today but we
do not expect huge gains. IIP numbers are definitely negative and
below expectations. ET reports that SBI decided to partner Insurance
Australia Group for its proposed non-life joint venture. SBI, couple
of weeks back beat market expectations with impeccable Q4 numbers.
GAIL India, Varun Shipping, EIH Hotels, Usha Martin will declare Q4
numbers today. Till date the results declared by many companies are
inline with expectations. Pharma company Ranbaxy Laboratories has
entered into a long-term drug discovery and development agreement with
the US-based pharma company Merck in the area of anti-infective
medicines. Market reacted positively to the announcement and the stock
is likely cruise past the magic 500 levels today.
We expect the midcaps to perform well in comparision to the
frontliners. Have a great trading day.
Market Close Box
BSE Sensex 1686090.00 123.83
NSE Nifty 5012.00 30.05
USD Rs.41.97
Oil Nymex $124.2
N.Sukumar
Research Analyst
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