| . |
Market may correct
further
 Weak global cues and
yesterday's slump may see the market open
low.
After crashing over 450 points in
yesterday's trades the weakness in the market may continue. A
slide in Asian indices and fall in the FII inflows in the
domestic market may also see the market fall further. The
sharp rise in Crude oil prices that may keep investors away
from taking fresh positions. Among the local indices, the
Nifty may slip to 4250 while on the upside it could test the
4350 level. The Sensex has a likely support at 14050 and could
test higher levels at 14400.
US indices closed
flat on Thursday on second-biggest one day gain in oil prices.
While the Dow Jones gained by 13 points at 11430, the Nasdaq
lost 9 points to close at 2380.
Indian floats trading
on the US bourses had a mixed outing. Among the major losers
ICICI Bank, Rediff, Wipro, HDFC Bank, VSNL Tata Motors and
Satyam fell over 1-4% each. While Infosys and Patni Computers
ended with marginal loss. MTNL and Dr Reddy gained over 1-2%
each.
Crude oil prices moved up on a falling dollar and
rising concerns about global supply, with the Nymex light
crude oil for September series rising by $5.62 at $121.18 a
barrel. In the commodity space, the Comex gold for December
delivery flared up by $22.70 to settle at $839 a troy
ounce.
Daily trend of FII/MF investment in
equities
On August 20, 2008, FIIs were net
sellers of stocks to the tune of Rs285 crore (purchases worth
Rs1802 crore and sales of Rs2087 crore). while domestic mutual
funds were net buyers of stocks to the tune of Rs79
crore. |
| INDICES
SNAPSHOT |
ASIAN
INDICES at 09:20 IST on August 22, 2008
| Index |
Level |
Change(pts) |
Change(%) |
| Nikkei |
12666.71 |
-85.50 |
-0.67 |
| Hang
Seng |
20392.06 |
- |
- |
| Kospi Index |
1480.52 |
-32.07 |
-2.12 |
| Straits
Times |
2709.14 |
-4.33 |
-0.16 |
| Jakarta Composite |
2125.38 |
37.12 |
1.78 | |
EUROPEAN
INDICES at close on August
21, 2008
| FTSE 100 |
5370.20 |
-1.60 |
-0.03 |
| CAC 40 Index |
4304.61 |
-61.26 |
-1.40 |
| Dax
Index |
6236.96 |
-80.84 |
-1.28 | |
US
INDICES at close on August
21, 2008
| Dow Jones |
11430.21 |
12.78 |
0.11 |
| Nasdaq |
2380.38 |
-8.70 |
-0.36 | | | | |
 |
| PRE-MARKET
COMMENTARY |
| August 22,
2008| Market round-up, 9:45 IST
| |
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