Pre-Market report on 25.07.2008
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K.Karthik Raja
Jul 25, 2008, 12:17:49 AM7/25/08
to Kences1
Stocks headed for a lower open on negative global cues
===================================================
Stocks are poised to open lower on profit booking and weak global cues
on the last trading day of the week. Expect nearly a 1.5 to 2 percent
correction on the Sensex.
Wall Street had a terrible day as investors sold off financials and
home builders. The Dow plunged nearly 2.4 percent where as the Nasdaq
closed with a 2 percent loss. Home sales slid more than forecast and
investor Bill Gross predicted the housing slump will cost banks and
brokerages $1 trillion. Stocks tumbled across Asia following the
decline in US stocks. Nikkei is currently down nearly 1.5 percent in
early morning trade.
As a first sign of major reforms on the way the cabinet today approved
the State Bank of India’s acquisition of State Bank of Saurashtra. The
inflation figures might come at a lower number than last week as Crude
fell more than 20$ from previous week. Things might be not so bad in
the domestic markets as we are relatively less impacted by the current
crisis in US. Meanwhile crude futures closed flat on Nymex today.
IT stocks might see another round of selling a the downturn in US
financial might take away some new business from the IT majors.TV
Today might see some upside on the announcement of a board meeting to
buy back shares.Expect some sell off in 3iinfotech as the company is
slated to report its Q1 numbers today. Some other companies that are
on the deck to report Q1 numbers include Andhra Bank, Ceat and Ambuja
Cements. Over all a down day for the indices but do not expect a
crash.
Suitable stocks for "Intraday" today
<RELCAPITAL,RELIANCE,BHARTIARTL,LT,INFOSYSTCH,BHEL,DLF,CAIRN,HDIL,STER>
Market Close Box
BSE Sensex 14777.01 -165.27
NSE Nifty 4433.55 - 43.25
USD Rs.41.96
Oil Nymex $125.4
N. Sukumar,
Research Analyst.
===================================================
Stocks are poised to open lower on profit booking and weak global cues
on the last trading day of the week. Expect nearly a 1.5 to 2 percent
correction on the Sensex.
Wall Street had a terrible day as investors sold off financials and
home builders. The Dow plunged nearly 2.4 percent where as the Nasdaq
closed with a 2 percent loss. Home sales slid more than forecast and
investor Bill Gross predicted the housing slump will cost banks and
brokerages $1 trillion. Stocks tumbled across Asia following the
decline in US stocks. Nikkei is currently down nearly 1.5 percent in
early morning trade.
As a first sign of major reforms on the way the cabinet today approved
the State Bank of India’s acquisition of State Bank of Saurashtra. The
inflation figures might come at a lower number than last week as Crude
fell more than 20$ from previous week. Things might be not so bad in
the domestic markets as we are relatively less impacted by the current
crisis in US. Meanwhile crude futures closed flat on Nymex today.
IT stocks might see another round of selling a the downturn in US
financial might take away some new business from the IT majors.TV
Today might see some upside on the announcement of a board meeting to
buy back shares.Expect some sell off in 3iinfotech as the company is
slated to report its Q1 numbers today. Some other companies that are
on the deck to report Q1 numbers include Andhra Bank, Ceat and Ambuja
Cements. Over all a down day for the indices but do not expect a
crash.
Suitable stocks for "Intraday" today
<RELCAPITAL,RELIANCE,BHARTIARTL,LT,INFOSYSTCH,BHEL,DLF,CAIRN,HDIL,STER>
Market Close Box
BSE Sensex 14777.01 -165.27
NSE Nifty 4433.55 - 43.25
USD Rs.41.96
Oil Nymex $125.4
N. Sukumar,
Research Analyst.
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