Pre-Market Report on 20.08.2008
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SUKUHOPES
Aug 20, 2008, 12:05:36 AM8/20/08
to Kences1
Markets set for a lower open, bulls might make a come back later in
the day
===================================================
Indian markets might face another day of minor correction as bears are
get ready to dominate for the third day in a row. One can expect the
market to trade in a narrow band of 100 points either ways with a
negative bias.
Back in US, stocks on Tuesday fell for a second session on worries
about financial firms, while concerns about the economy also were
fueled by weak housing data, rising wholesale prices and weak results
from several retailers.Crude rebounded Tuesday by $1.66 to $114.53 a
barrel on the New York Mercantile Exchange.
Reliance Ind is expected to remain active in the morning session as
the company may sell diesel to Indian Oil Corp. and other state-run
refiners after the oil ministry said it will back a proposal to let
Reliance Industries Ltd. sell the fuel domestically without losing
export- tax incentives.HP came out with a good set of numbers in US
bolstering the view that the technology sector has not seen a
significant slow down inspite of the slow down in the economy. Watch
out for the stocks in technology sector in today's trade and also keep
an eye on I-flex solutions ahead of its Q1 numbers.
Vishal Info which came out with an IPO in July is very active on the
bourses as speculative activity heated up in this counter. The stock
gained nearly 25 percent in the last two sessions to close at Rs 304
against an IPO price of Rs 150, it is worth noting that the issue was
subscribed 1.19 times. It is not a bad idea to avoid the counter if
you are a risk averse investor.
PNB Gilts might be another stock to watch out as there are news
reports in the morning papers that PNB Gilts might offload its stake
in the coming moths at a price close to Rs 40, which is nearly a 80
percent premium to the current market price of Rs 23.Asian indices
opened low and we expect the same kind of opening on Dalal Street,
though there is a good chance of a strong pull back. Who knows, we
might have a positive close, please do not short in today's market.
Market Close Box
BSE Sensex 14543.73 -101.93
NSE Nifty 4368.25 -24.80
USD Rs.43.70
Oil Nymex $114.5
N.Sukumar
Research Analyst
the day
===================================================
Indian markets might face another day of minor correction as bears are
get ready to dominate for the third day in a row. One can expect the
market to trade in a narrow band of 100 points either ways with a
negative bias.
Back in US, stocks on Tuesday fell for a second session on worries
about financial firms, while concerns about the economy also were
fueled by weak housing data, rising wholesale prices and weak results
from several retailers.Crude rebounded Tuesday by $1.66 to $114.53 a
barrel on the New York Mercantile Exchange.
Reliance Ind is expected to remain active in the morning session as
the company may sell diesel to Indian Oil Corp. and other state-run
refiners after the oil ministry said it will back a proposal to let
Reliance Industries Ltd. sell the fuel domestically without losing
export- tax incentives.HP came out with a good set of numbers in US
bolstering the view that the technology sector has not seen a
significant slow down inspite of the slow down in the economy. Watch
out for the stocks in technology sector in today's trade and also keep
an eye on I-flex solutions ahead of its Q1 numbers.
Vishal Info which came out with an IPO in July is very active on the
bourses as speculative activity heated up in this counter. The stock
gained nearly 25 percent in the last two sessions to close at Rs 304
against an IPO price of Rs 150, it is worth noting that the issue was
subscribed 1.19 times. It is not a bad idea to avoid the counter if
you are a risk averse investor.
PNB Gilts might be another stock to watch out as there are news
reports in the morning papers that PNB Gilts might offload its stake
in the coming moths at a price close to Rs 40, which is nearly a 80
percent premium to the current market price of Rs 23.Asian indices
opened low and we expect the same kind of opening on Dalal Street,
though there is a good chance of a strong pull back. Who knows, we
might have a positive close, please do not short in today's market.
Market Close Box
BSE Sensex 14543.73 -101.93
NSE Nifty 4368.25 -24.80
USD Rs.43.70
Oil Nymex $114.5
N.Sukumar
Research Analyst
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