Pre-Market Report on 19.08.2008
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SUKUHOPES
Aug 19, 2008, 12:14:42 AM8/19/08
to Kences1
Stocks set to open lower for the second day in a row
===================================================
The markets are expected to slide for the second day if the week after
a disappointing start to the week on Monday. Expect the Sensex to lose
1 to 1.5 percent for the day dashing the hopes of sensex crossing the
15,000 level.
Back in US, stocks experienced heavy losses as the concerns of
financial crisis have emerged again effecting the sentiment. The fall
was led by banking and real estate shares, as growing speculation the
government will bail out Fannie Mae and Freddie Mac rattled the
mortgage market. Both the Dow and Nasdaq lost 1.5 percent each. Stocks
in Asia opened lower reflecting the negative sentiment in the global
markets. Nikkei lost more than 0.5 percent in the opening trade.
Light, sweet crude fell 90 cents to settle at $112.87 a barrel on the
New York Mercantile Exchange, after rising as high as $115.35.Rupee
dropped to the lowest in almost 17 months on speculation refiners
increased purchases of crude oil The rupee weakened 1.3 percent to
43.5985 per dollar at the close. Again this might bode well for the IT
stocks which have outperformed the index in the last 3 sessions.
Banking and realty might see some pressure early in the morning. ICICI
and HDFC might lead the slide today. Telecom Operators like Bharti
Airtel and Reliance might see some pressure as Telecom regulator TRAI
on Monday removed all curbs on internet telephony in the country,
allowing internet service providers to terminate internet telephony
calls on phones, including mobiles.
Overall expect the stocks to open lower with some bearishness in
banking and telecom sectors. The fall might not be as steep as
expected as things are not that bad in the local markets.
Suitable stocks for 'Intraday' today
<ICICIBANK,RELCAPITAL,BHEL,HDFCBANK,RCOM,TATASTEEL,HDIL,MARUTI,SUZLON,STER>
Market Close Box
BSE Sensex 14645.66 -78.52
NSE Nifty 4393.05 -37.65
USD Rs.43.23
Oil Nymex $112.8
N.Sukumar
Research Analyst
===================================================
The markets are expected to slide for the second day if the week after
a disappointing start to the week on Monday. Expect the Sensex to lose
1 to 1.5 percent for the day dashing the hopes of sensex crossing the
15,000 level.
Back in US, stocks experienced heavy losses as the concerns of
financial crisis have emerged again effecting the sentiment. The fall
was led by banking and real estate shares, as growing speculation the
government will bail out Fannie Mae and Freddie Mac rattled the
mortgage market. Both the Dow and Nasdaq lost 1.5 percent each. Stocks
in Asia opened lower reflecting the negative sentiment in the global
markets. Nikkei lost more than 0.5 percent in the opening trade.
Light, sweet crude fell 90 cents to settle at $112.87 a barrel on the
New York Mercantile Exchange, after rising as high as $115.35.Rupee
dropped to the lowest in almost 17 months on speculation refiners
increased purchases of crude oil The rupee weakened 1.3 percent to
43.5985 per dollar at the close. Again this might bode well for the IT
stocks which have outperformed the index in the last 3 sessions.
Banking and realty might see some pressure early in the morning. ICICI
and HDFC might lead the slide today. Telecom Operators like Bharti
Airtel and Reliance might see some pressure as Telecom regulator TRAI
on Monday removed all curbs on internet telephony in the country,
allowing internet service providers to terminate internet telephony
calls on phones, including mobiles.
Overall expect the stocks to open lower with some bearishness in
banking and telecom sectors. The fall might not be as steep as
expected as things are not that bad in the local markets.
Suitable stocks for 'Intraday' today
<ICICIBANK,RELCAPITAL,BHEL,HDFCBANK,RCOM,TATASTEEL,HDIL,MARUTI,SUZLON,STER>
Market Close Box
BSE Sensex 14645.66 -78.52
NSE Nifty 4393.05 -37.65
USD Rs.43.23
Oil Nymex $112.8
N.Sukumar
Research Analyst
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