Pre-Market Report on 05.09.2008
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Sukumar.N
Sep 5, 2008, 12:12:12 AM9/5/08
to Kences1
Global weakness in equities to weigh on Indian stocks
===================================================
Bears get ready for a killing on Dalal Street, as worsening global
sentiment and a steep fall in the US markets might trigger the fall.
Expect a 1.5 percent fall in the Sensex for the day.
U.S. stocks fell sharply Thursday, with the Dow industrials suffering
a 344-point decline, as rising jobless claims data, mixed retail sales
and weaker oil prices fueled concerns about slowing growth both at
home and abroad.The Nasdaq dropped nearly 3.2 percent, where as the
Dow lost nearly 3 percent for the day. Stocks across Asia suffered a
loss of more than one percent at opening bell this morning.
Oil prices closed at their lowest level in five months Thursday as a
lower-than-expected drop in U.S. gasoline supplies gave traders more
reason to believe that a cooling economy is forcing Americans to drive
less.Light, sweet crude for October delivery fell $1.46 to settle at
$107.89 a barrel on the New York Mercantile Exchange.Wholesale prices
rose 12.34 percent in the week to Aug. 23 from a year earlier compared
with a 12.4 percent gain in the previous week and a median 12.44
percent.Rupee rebounded from an 18- month low on speculation exporters
purchased the currency following its slump this week. rupee rose 0.3
percent to 44.375 a dollar at the 5 p.m. close in Mumbai, from 44.49
yesterday.
We advise investors to hold on to their stocks and sit out of the
market today if you are a short term trader. Resurgere Mines looks
overvalued even after fall of 20 percent yesterday.We were cautious on
this scrip at the beginning of this week and still remain bearish as
the valuation looks ridiculous.We want to add Vintage Cards and
Archies to this list, as we think the up move has been too soon and
too fast and they are due for correction. Stay away from banks and
Realty for now and concentrate on IT if you want to do some bargain
hunting.
Suitable stocks for 'Intraday' today
<ICICIBANK,AXISBANK,RELINFRA,BHEL,DLF,KOTAKBANK,RCOM,MARUTI,GAIL,BOMDYEING>
Market Close Box
BSE Sensex 14899.10 -150.76
NSE Nifty 4447.75 -56.25
USD Rs.44.45
Oil Nymex $107.8
N.Sukumar
Research Analyst
===================================================
Bears get ready for a killing on Dalal Street, as worsening global
sentiment and a steep fall in the US markets might trigger the fall.
Expect a 1.5 percent fall in the Sensex for the day.
U.S. stocks fell sharply Thursday, with the Dow industrials suffering
a 344-point decline, as rising jobless claims data, mixed retail sales
and weaker oil prices fueled concerns about slowing growth both at
home and abroad.The Nasdaq dropped nearly 3.2 percent, where as the
Dow lost nearly 3 percent for the day. Stocks across Asia suffered a
loss of more than one percent at opening bell this morning.
Oil prices closed at their lowest level in five months Thursday as a
lower-than-expected drop in U.S. gasoline supplies gave traders more
reason to believe that a cooling economy is forcing Americans to drive
less.Light, sweet crude for October delivery fell $1.46 to settle at
$107.89 a barrel on the New York Mercantile Exchange.Wholesale prices
rose 12.34 percent in the week to Aug. 23 from a year earlier compared
with a 12.4 percent gain in the previous week and a median 12.44
percent.Rupee rebounded from an 18- month low on speculation exporters
purchased the currency following its slump this week. rupee rose 0.3
percent to 44.375 a dollar at the 5 p.m. close in Mumbai, from 44.49
yesterday.
We advise investors to hold on to their stocks and sit out of the
market today if you are a short term trader. Resurgere Mines looks
overvalued even after fall of 20 percent yesterday.We were cautious on
this scrip at the beginning of this week and still remain bearish as
the valuation looks ridiculous.We want to add Vintage Cards and
Archies to this list, as we think the up move has been too soon and
too fast and they are due for correction. Stay away from banks and
Realty for now and concentrate on IT if you want to do some bargain
hunting.
Suitable stocks for 'Intraday' today
<ICICIBANK,AXISBANK,RELINFRA,BHEL,DLF,KOTAKBANK,RCOM,MARUTI,GAIL,BOMDYEING>
Market Close Box
BSE Sensex 14899.10 -150.76
NSE Nifty 4447.75 -56.25
USD Rs.44.45
Oil Nymex $107.8
N.Sukumar
Research Analyst
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