Pre-Market report on 15.05.2008
0 views
Skip to first unread message
N.Sukumar
May 15, 2008, 12:06:42 AM5/15/08
to Kences1
Sensex set to break seventeen thousand mark ?
===================================================
After a decent day yesterday, Sensex is looking to cross the seventeen
thousand mark today.Overnight the US markets rallied initially but
gave up some gains at the later part of the day.
The Dow gained nearly 66 points or 0.5 percent to end at 12,898.38,
where as the NASDAQ ended flat with a gain of 0.06 percent. The Asian
markets are expected to have positive open for the third consecutive
day. Crude for June delivery closed $1.58, or 1.3%, lower at $124.22 a
barrel on the New York Mercantile Exchange offering some relief to the
investors. With recession buzz subsiding the bear coterie including a
world reknowned financial news paper is singing a different song that
getting into recession is slow but sure. Asian markets are currently
trading in the green.
On the economy front Moody’s Investor Services cut its estimate on
India's GDP growth from 8.7 per cent in fiscal 2007-08 to 7.7 percent.
But the agency reiterated that the country's economy is positioned to
absorb any kind of impact from global recession.
Coming to the stock specific action,technology majors gaining in a big
way on the back of falling rupee and we expect the second rung IT
stocks to catch up in today's trade. Textile as a sector after being
dormant for the past 18 months has shown some signs of life with
Arvind Mills, Alok Industries and Spentex Ind making some good moves
in yesterdays trade. Midcaps which were subdued yesterday might show
some strength today as a catch up play.
The stocks that look promising in today's trade include Orchid
Chemicals, Lanco Infra, Spentex Ind and Omnitech Info. We see the
market register minimal gains today. However some panic short covering
might give Bulls an edge. Hopefully we will get it right today.
Market Close Box
BSE Sensex 17000.51 247.71
NSE Nifty 5015.40 57.2
USD Rs.41.97
Oil Nymex $125.8
N.Sukumar
Research Analyst
===================================================
After a decent day yesterday, Sensex is looking to cross the seventeen
thousand mark today.Overnight the US markets rallied initially but
gave up some gains at the later part of the day.
The Dow gained nearly 66 points or 0.5 percent to end at 12,898.38,
where as the NASDAQ ended flat with a gain of 0.06 percent. The Asian
markets are expected to have positive open for the third consecutive
day. Crude for June delivery closed $1.58, or 1.3%, lower at $124.22 a
barrel on the New York Mercantile Exchange offering some relief to the
investors. With recession buzz subsiding the bear coterie including a
world reknowned financial news paper is singing a different song that
getting into recession is slow but sure. Asian markets are currently
trading in the green.
On the economy front Moody’s Investor Services cut its estimate on
India's GDP growth from 8.7 per cent in fiscal 2007-08 to 7.7 percent.
But the agency reiterated that the country's economy is positioned to
absorb any kind of impact from global recession.
Coming to the stock specific action,technology majors gaining in a big
way on the back of falling rupee and we expect the second rung IT
stocks to catch up in today's trade. Textile as a sector after being
dormant for the past 18 months has shown some signs of life with
Arvind Mills, Alok Industries and Spentex Ind making some good moves
in yesterdays trade. Midcaps which were subdued yesterday might show
some strength today as a catch up play.
The stocks that look promising in today's trade include Orchid
Chemicals, Lanco Infra, Spentex Ind and Omnitech Info. We see the
market register minimal gains today. However some panic short covering
might give Bulls an edge. Hopefully we will get it right today.
Market Close Box
BSE Sensex 17000.51 247.71
NSE Nifty 5015.40 57.2
USD Rs.41.97
Oil Nymex $125.8
N.Sukumar
Research Analyst
Reply all
Reply to author
Forward
0 new messages