Pre-Market report on 07.08.2008
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SUKUHOPES
Aug 7, 2008, 12:06:05 AM8/7/08
to Kences1
Stocks look forward for another day in green
===================================================
Stocks in Mumbai are likely to stretch their winning streak for
another day on the back of some positive news on tax collection front
and also positive global cues. Expect the Sensex to more than a
percent in today's trade.
Wall Street logged another winning day as Oil extended its slide into
a third day. Light, sweet crude settled down 59 cents at $118.58 a
barrel on the New York Mercantile Exchange and Nasdaq got a boost
from better-than-expected profit report from technology bellwether
Cisco Systems Inc. Asian markets declined in early trade as America's
biggest insurer AIG reported wider loss than expected. Nikkei lost
more than 1 percent in the opening hour of the trade.
The Centre’s direct tax revenues continue to be buoyant, with net
collections recording a 46.95 per cent growth in the first four months
of the current fiscal.While corporate tax collections grew 50.08 per
cent to Rs 41,598 crore, personal income tax grew 42.82 per cent to Rs
29,982 crore. Another big news is about Reliance pairing up with Boots
from UK to set up a retailing venture. We should see some spike in
Reliance today on this news.
Sugar stocks like Bajaj Hindustan and Triveni Eng fared well yesterday
and are likely to outperform the market in the short term as sugar
prices are likely to perk up in the coming days on supply short fall.
Technology is definitely the sector to watch out, as things are
looking better for the sector and the valuations are not too bad. So
concentrate on IT stocks for some gains in the next 2 sessions.
Oswal Chemicals is looking interesting on the volumes front and the
price looks attractive to accumulate for some medium term gains. First
Winner Industries is another scrip that could be a speculative pick
ahead of the board meeting to consider foray into entertainment
industry.To wrap up, the sensex might end the day with 100 to 150
point gain. Midcaps after a bad day yesterday will try to make a come
back today.
Suitable stocks for "Intraday" today
<LT,RELCAPITAL,HDFCBANK,RELINFRA,TATAPOWER,SATYAMCOMP,INDIABULLS,BOMDYEING,
ACC,SIEMENS>
Market Close Box
BSE Sensex 15073.54 112.47
NSE Nifty 4517.55 14.70
USD Rs.42.00
Oil Nymex $118.5
N.Sukumar
Research Analyst
===================================================
Stocks in Mumbai are likely to stretch their winning streak for
another day on the back of some positive news on tax collection front
and also positive global cues. Expect the Sensex to more than a
percent in today's trade.
Wall Street logged another winning day as Oil extended its slide into
a third day. Light, sweet crude settled down 59 cents at $118.58 a
barrel on the New York Mercantile Exchange and Nasdaq got a boost
from better-than-expected profit report from technology bellwether
Cisco Systems Inc. Asian markets declined in early trade as America's
biggest insurer AIG reported wider loss than expected. Nikkei lost
more than 1 percent in the opening hour of the trade.
The Centre’s direct tax revenues continue to be buoyant, with net
collections recording a 46.95 per cent growth in the first four months
of the current fiscal.While corporate tax collections grew 50.08 per
cent to Rs 41,598 crore, personal income tax grew 42.82 per cent to Rs
29,982 crore. Another big news is about Reliance pairing up with Boots
from UK to set up a retailing venture. We should see some spike in
Reliance today on this news.
Sugar stocks like Bajaj Hindustan and Triveni Eng fared well yesterday
and are likely to outperform the market in the short term as sugar
prices are likely to perk up in the coming days on supply short fall.
Technology is definitely the sector to watch out, as things are
looking better for the sector and the valuations are not too bad. So
concentrate on IT stocks for some gains in the next 2 sessions.
Oswal Chemicals is looking interesting on the volumes front and the
price looks attractive to accumulate for some medium term gains. First
Winner Industries is another scrip that could be a speculative pick
ahead of the board meeting to consider foray into entertainment
industry.To wrap up, the sensex might end the day with 100 to 150
point gain. Midcaps after a bad day yesterday will try to make a come
back today.
Suitable stocks for "Intraday" today
<LT,RELCAPITAL,HDFCBANK,RELINFRA,TATAPOWER,SATYAMCOMP,INDIABULLS,BOMDYEING,
ACC,SIEMENS>
Market Close Box
BSE Sensex 15073.54 112.47
NSE Nifty 4517.55 14.70
USD Rs.42.00
Oil Nymex $118.5
N.Sukumar
Research Analyst
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