Pre-Market Report on 08.06.2009
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B. Karthick
Jun 7, 2009, 11:58:10 PM6/7/09
to Kences1
Stocks in Mumbai are likely trade higher on opening bell,on the first
trading day of the week. Expect stock specific activity as investors
become choosy after an unprecedented run in equities for the past 13
weeks. The benchmark index or the Sensex is likely to gain 100 points
or 0.75 percent for the day.
Asian stock market index futures have climbed nearly 0.5 percent in
pre-market trade. Oil and commodity stocks are likely to lead the
gainers, thanks to a sharp recovery in commodity prices.
Stocks struggled Friday at the end of another up week for Wall Street
as investors welcomed a report showing that the pace of job losses is
starting to slow, but showed caution after the market's recent
advance.The Dow Jones industrial average added 13 points, or 0.1%. The
S&P 500 index lost 2 points or 0.3% and the Nasdaq composite ended
near unchanged.
There are two sets of news reports that might impact on the markets
this morning.Members of Sebi have suggested a phased reduction of the
securities transaction tax, as part of a package of measures to
develop the capital markets that was discussed with FM late in May.
Meanwhile HDFC Bank has revised upwards India's growth forecast from
5.8 per cent to 6.5 per cent for FY 10.
Traders could concentrate on Oil stocks like ONGC and Cairn India (Rs
259) for quick gains as oil prices continue to climb and is likely to
breach the $ 70/barrel. The stock of Unitech might see some buying
interest on the news that the company plans its debt by selling some
assets.The going for the market from the current level is going t be
tough.
Investors are likely to selective and only few winners might emerge
from current levels. We have recommended one multi-bagger in
Healthcare and a swing trading call in Engineering sector today.
Some of the stocks to watch in today's trade are; Gwalior Chemical
which is set to report Q4 numbers today, Saregama ahead of its
preferential issue, VIP Ind before its quarterly numbers on tuesday.
Over all, a flat to positive market with some sparks in the midcap
space.
B.Karthick
Research Analyst
trading day of the week. Expect stock specific activity as investors
become choosy after an unprecedented run in equities for the past 13
weeks. The benchmark index or the Sensex is likely to gain 100 points
or 0.75 percent for the day.
Asian stock market index futures have climbed nearly 0.5 percent in
pre-market trade. Oil and commodity stocks are likely to lead the
gainers, thanks to a sharp recovery in commodity prices.
Stocks struggled Friday at the end of another up week for Wall Street
as investors welcomed a report showing that the pace of job losses is
starting to slow, but showed caution after the market's recent
advance.The Dow Jones industrial average added 13 points, or 0.1%. The
S&P 500 index lost 2 points or 0.3% and the Nasdaq composite ended
near unchanged.
There are two sets of news reports that might impact on the markets
this morning.Members of Sebi have suggested a phased reduction of the
securities transaction tax, as part of a package of measures to
develop the capital markets that was discussed with FM late in May.
Meanwhile HDFC Bank has revised upwards India's growth forecast from
5.8 per cent to 6.5 per cent for FY 10.
Traders could concentrate on Oil stocks like ONGC and Cairn India (Rs
259) for quick gains as oil prices continue to climb and is likely to
breach the $ 70/barrel. The stock of Unitech might see some buying
interest on the news that the company plans its debt by selling some
assets.The going for the market from the current level is going t be
tough.
Investors are likely to selective and only few winners might emerge
from current levels. We have recommended one multi-bagger in
Healthcare and a swing trading call in Engineering sector today.
Some of the stocks to watch in today's trade are; Gwalior Chemical
which is set to report Q4 numbers today, Saregama ahead of its
preferential issue, VIP Ind before its quarterly numbers on tuesday.
Over all, a flat to positive market with some sparks in the midcap
space.
B.Karthick
Research Analyst
B. Karthick
Jun 7, 2009, 11:59:27 PM6/7/09
to Kences1
Up trend to continue, selective buying in Midcaps
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