Pre-Market report on 09.05.2008

[N.Sukumar]

Friday - Another dry day for Bulls ??
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US Markets cheered better than expected April sales numbers to end
marginally higher. Dow Jones ended the day at 12,866.78, up 52.43
points while Nasdaq closed the day with 12.75 gains at 2,451.24. After
hours American Insurance Group, the world's largest insurer by assets,
declared dismal results and plans to raise $12.5 billion. Crude
continued to reach greater heights with another high today at $123.69.

Japanese markets opened weak on stronger yen and weaker results from
Toyota. Currently Nikkei is trading at 13,819.10, down 124.16 points.

Indian Markets are expected to open flat to negative, given the Asian
cues and negative after hours cues from the Wall Street. Inflation
numbers will be released at noon and is likely to set the direction of
the market. We expect better than last week but might not beat by a
margin, capped by higher crude prices. Myanmar floods only added to
the spiralling food prices.

ICICI Securities, the investment banking firm of ICICI Bank is likely
to unlock value by selling shares to public and institutional
investors, is believed to have sought the government’s approval for
foreign equity infusion reports a pink paper.

Rupee's 13 month low against the US Dollar might interest investors to
re-look at IT stocks and other export oriented companies. Oil &
Natural gas and Exploration space continues to witness interest from
smart investors. Offbeat stocks will continue to move up.

Market Close Box
BSE Sensex 17080.65 -258.66
NSE Nifty 5081.70 -53.80
USD Rs.41.79
Oil Nymex $123.6

N.Sukumar
Research Analyst