Pre-Market Report on 26.08.2008
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SUKUHOPES
Aug 26, 2008, 12:11:30 AM8/26/08
to Kences1
Stocks set to open low on concerns of global financial crisis
===================================================
Stocks are headed for a lower open on the same old concern about
financial crisis and a slight rise in oil prices. Expect the Sensex to
shed nearly a percent in today's trade.
U.S. stocks fell the most in a month as a Kansas bank's failure and
speculation American International Group Inc. will post a loss
heightened concern that credit write downs will keep rattling the
financial system. The Dow gave up more than 2 percent or 240 points,
where as the Nasdaq gave up 49 points or 2 percent.
A small bounce in Crude is another reason weighing on the indices this
morning. Light, sweet crude for October delivery rose 52 cents to
settle at $115.11 a barrel on the New York Mercantile Exchange after
earlier falling as low as $113.68.after Tropical Storm Gustav formed
in the Caribbean. Stocks in Asia are expected to have a bad day as the
futures have already dropped in the premarket session.
IT sector had a mixed bag of news in the past 24 hours. Infosys
announce acquisition of SAP consulting company Axon Group Plc for
£407.1 million or Rs 3,310 crore. There are news reports that some
American states might be mull no-outsourcing laws. Investment bank
Citigroup came out with a report late on Monday saying that the fund
inflow is expected to remain flat during the fiscal.
On the currency front, India's rupee closed at the weakest level in 17
months on speculation importers bought dollars . The rupee declined
0.8 percent to 43.785 against the dollar at close on Monday. Expect a
broad based correction with Banks and Realty setors leading the slide.
Overall expect a small correction in the market, even though the
magnitude of the fall will not be the same as in the Wall Street.
Suitable stocks for 'Intraday' today
<RANBAXY,ICICIBANK,BHEL,DLF,TATAPOWER,INDIABULLS,KOTAKBANK,SATYAMCOMP,
STER,ABB>
Market Close Box
BSE Sensex 14450.35 48.86
NSE Nifty 4335.35 7.90
USD Rs.43.58
Oil Nymex $115.1
N.Sukumar
Research Analyst
===================================================
Stocks are headed for a lower open on the same old concern about
financial crisis and a slight rise in oil prices. Expect the Sensex to
shed nearly a percent in today's trade.
U.S. stocks fell the most in a month as a Kansas bank's failure and
speculation American International Group Inc. will post a loss
heightened concern that credit write downs will keep rattling the
financial system. The Dow gave up more than 2 percent or 240 points,
where as the Nasdaq gave up 49 points or 2 percent.
A small bounce in Crude is another reason weighing on the indices this
morning. Light, sweet crude for October delivery rose 52 cents to
settle at $115.11 a barrel on the New York Mercantile Exchange after
earlier falling as low as $113.68.after Tropical Storm Gustav formed
in the Caribbean. Stocks in Asia are expected to have a bad day as the
futures have already dropped in the premarket session.
IT sector had a mixed bag of news in the past 24 hours. Infosys
announce acquisition of SAP consulting company Axon Group Plc for
£407.1 million or Rs 3,310 crore. There are news reports that some
American states might be mull no-outsourcing laws. Investment bank
Citigroup came out with a report late on Monday saying that the fund
inflow is expected to remain flat during the fiscal.
On the currency front, India's rupee closed at the weakest level in 17
months on speculation importers bought dollars . The rupee declined
0.8 percent to 43.785 against the dollar at close on Monday. Expect a
broad based correction with Banks and Realty setors leading the slide.
Overall expect a small correction in the market, even though the
magnitude of the fall will not be the same as in the Wall Street.
Suitable stocks for 'Intraday' today
<RANBAXY,ICICIBANK,BHEL,DLF,TATAPOWER,INDIABULLS,KOTAKBANK,SATYAMCOMP,
STER,ABB>
Market Close Box
BSE Sensex 14450.35 48.86
NSE Nifty 4335.35 7.90
USD Rs.43.58
Oil Nymex $115.1
N.Sukumar
Research Analyst
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