Pre-Market Report: 03.09.2009
0 views
Skip to first unread message
B. Karthick
Sep 2, 2009, 11:50:37 PM9/2/09
to Kences1
Investors get ready for another day of lacklustre trade
Stocks on Dalal Street are likely are getting ready for a day of
lacklustre trade for the second day in a row. No news is bad news in
the current market as investors are taking a cautious approach. Expect
the Sensex to lose more than 80 points or 0.5 percent for the day.
On Wall Street,the stock market extended its slide to a fourth day as
investors worried that a weak job market will trip up a recovery in
the economy.The Dow fell 29.93, or 0.3 percent, to 9,280.67, pushing
its four-day slide to 300 points, or 3.1 percent.The S&P 500 index
fell 3.29, or 0.3 percent, to 994.75, while the Nasdaq composite index
fell 1.82, or 0.1 percent, to 1,967.07.Stocks in Asia opened slightly
lower in the first hour of the trade. The Japanese benchmark opened
lower by 0.3 percent for the day.
IT and Technology stocks were active even in subdues trading. Realty
and Auto stocks were major losers as investors booked profits on fears
that longer than expected recession could take a toll on the profits
of the companies in these sectors.
We are of the opinion that the markets lack inherent street at the
current levels and there is still some more room for correction. The
Midcaps space has seen tremendous run in the past few months and are
ripe for correction. So we stand by our call that investor should
stick to the 'wait and watch approach' for the time being.
Redington India, Berger Paint and Balaji Tele have spurted on unusual
volumes.We like Balaji Telefilms at current levels and see huge price
movement from the current levels. Redington is also looking hot at the
current levels for traders with risk appetite.IRB Infra, Gammon India
and ITI are some of the stocks to keep a close eye in today's trade.
B.Karthick
Research Analyst.
www.kences1.blogspot.com
Stocks on Dalal Street are likely are getting ready for a day of
lacklustre trade for the second day in a row. No news is bad news in
the current market as investors are taking a cautious approach. Expect
the Sensex to lose more than 80 points or 0.5 percent for the day.
On Wall Street,the stock market extended its slide to a fourth day as
investors worried that a weak job market will trip up a recovery in
the economy.The Dow fell 29.93, or 0.3 percent, to 9,280.67, pushing
its four-day slide to 300 points, or 3.1 percent.The S&P 500 index
fell 3.29, or 0.3 percent, to 994.75, while the Nasdaq composite index
fell 1.82, or 0.1 percent, to 1,967.07.Stocks in Asia opened slightly
lower in the first hour of the trade. The Japanese benchmark opened
lower by 0.3 percent for the day.
IT and Technology stocks were active even in subdues trading. Realty
and Auto stocks were major losers as investors booked profits on fears
that longer than expected recession could take a toll on the profits
of the companies in these sectors.
We are of the opinion that the markets lack inherent street at the
current levels and there is still some more room for correction. The
Midcaps space has seen tremendous run in the past few months and are
ripe for correction. So we stand by our call that investor should
stick to the 'wait and watch approach' for the time being.
Redington India, Berger Paint and Balaji Tele have spurted on unusual
volumes.We like Balaji Telefilms at current levels and see huge price
movement from the current levels. Redington is also looking hot at the
current levels for traders with risk appetite.IRB Infra, Gammon India
and ITI are some of the stocks to keep a close eye in today's trade.
B.Karthick
Research Analyst.
www.kences1.blogspot.com
Reply all
Reply to author
Forward
0 new messages