The Indian Market is likely to have a negative opening today as the US market closed in red. On Wednesday, the Indian market closed in green after making a smart recovery in the final trading hours of the session on the back of heavy buying across the counters. After facing the volatility throughout the trading session, the market finally managed to close on a good note. Though the opening was weak but buying at the lower levels led the market to closed above the dotted line. From the sectoral front, the capital goods, metal and bankex stocks remained in the light as most buying was seen from these baskets. As per the reports, the Finance minister held talks with the representatives capital goods sector of both the public and private sector regarding the slowdown of the industrial production. The BSE Sensex closed higher by 202.89 points at 15,790.51 and NSE Nifty grew by 37.4 points to close at 4,747.05. We expect that the market may remain cautious during the trading session as the International Monetary Fund (IMF) projects mild US recession ahead.
On Wednesday, the US market closed in negative. The Dow Jones Industrial Average (DJIA) fell by 49.83 points to close at 12,527.26 along with S&P index closed lower by 11.05 points at 1,354.49 and NASDAQ dropped by 26.64 points to close at 2,322.12.
The International Monetary Fund (IMF) forecast that US economy would fall into a “mild recession” which increases the chances of more interest rate cut by the Federal Reserve. The IMF in its twice-yearly survey predicted that US economy would see a growth of marginal 0.5% in 2008 and the report also cited that the Federal Reserve hat has already slashed its base interest rate by three full points to 2.25% may well need to continue easing interest rate for some time.
The Indian ADRS closed in red. In technology sector, Satyam fell by 4.38% along with Wipro by 3.89%, Infosys by 1.64%. In banking sector, ICICI bank and HDFC bank grew by (1.61%) and (0.18%) respectively. In telecommunication sector, Tata Communication and MTNL decreased by (3.34%) and (0.59%) respectively. Sterlite industries slipped by (0.72%).
Today the major stock markets in Asia are trading mixed. Taiwan Weighted is trading up by 123.24 points at 8,791.17 along with Hang Seng by 32.43 points at 24,017 while Japan’s Nikkei is trading lower by 77.41 points at 13,034.48 and Singapore Strait Times trading down by 6.59 points at 3,083.13.
The FIIs on Wednesday stood as net buyer both in equity while the net seller in debt. The gross equity purchased was Rs2,636.30 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,487.60 Crore and gross debt sold stood at Rs20.00 Crore. Therefore, the net investment of equity reported was Rs148.70 Crore and net debt was (Rs20.00 Crore).
The government of India has announced a Duty Free Tariff Preference Scheme for imports from as many as 50 Least Developed Countries (LDCs), of which 34 are in Africa. The Prime Minister, Dr Manmohan Singh at the two-day India Africa Forum Summit here, said that under the scheme India would unilaterally provide preferential market access for exports from all 50 LDCs. The scheme would cover 94% of India''s total tariff lines and particularly it would extend preferential market access on tariff lines that comprise close to 93% of global exports of all LDCs.
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The government has also given approval for 20 foreign direct investment (FDI) proposals worth Rs 1,962.05 crore, including a Rs 924-crore deal involving UTV Software Communications. The proposals, approved by the Foreign Investment Promotion Board (FIPB), also include a proposal from cement manufacturer Lafarge India for merger of Lafarge India Holding Pvt Ltd with Lafarge India Pvt Ltd.
Today, Nifty has support at 4,583 and resistance at 4,798 and BSE Sensex has support at 15,263 and resistance at 15,918.
On Wednesday, the US market closed in negative. The Dow Jones Industrial Average (DJIA) fell by 49.83 points to close at 12,527.26 along with S&P index closed lower by 11.05 points at 1,354.49 and NASDAQ dropped by 26.64 points to close at 2,322.12.
The International Monetary Fund (IMF) forecast that US economy would fall into a “mild recession” which increases the chances of more interest rate cut by the Federal Reserve. The IMF in its twice-yearly survey predicted that US economy would see a growth of marginal 0.5% in 2008 and the report also cited that the Federal Reserve hat has already slashed its base interest rate by three full points to 2.25% may well need to continue easing interest rate for some time.
The Indian ADRS closed in red. In technology sector, Satyam fell by 4.38% along with Wipro by 3.89%, Infosys by 1.64%. In banking sector, ICICI bank and HDFC bank grew by (1.61%) and (0.18%) respectively. In telecommunication sector, Tata Communication and MTNL decreased by (3.34%) and (0.59%) respectively. Sterlite industries slipped by (0.72%).
Today the major stock markets in Asia are trading mixed. Taiwan Weighted is trading up by 123.24 points at 8,791.17 along with Hang Seng by 32.43 points at 24,017 while Japan’s Nikkei is trading lower by 77.41 points at 13,034.48 and Singapore Strait Times trading down by 6.59 points at 3,083.13.
The FIIs on Wednesday stood as net buyer both in equity while the net seller in debt. The gross equity purchased was Rs2,636.30 Crore and the gross debt purchased was Rs0.00 Crore while the gross equity sold stood at Rs2,487.60 Crore and gross debt sold stood at Rs20.00 Crore. Therefore, the net investment of equity reported was Rs148.70 Crore and net debt was (Rs20.00 Crore).
The government of India has announced a Duty Free Tariff Preference Scheme for imports from as many as 50 Least Developed Countries (LDCs), of which 34 are in Africa. The Prime Minister, Dr Manmohan Singh at the two-day India Africa Forum Summit here, said that under the scheme India would unilaterally provide preferential market access for exports from all 50 LDCs. The scheme would cover 94% of India''s total tariff lines and particularly it would extend preferential market access on tariff lines that comprise close to 93% of global exports of all LDCs.
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The government has also given approval for 20 foreign direct investment (FDI) proposals worth Rs 1,962.05 crore, including a Rs 924-crore deal involving UTV Software Communications. The proposals, approved by the Foreign Investment Promotion Board (FIPB), also include a proposal from cement manufacturer Lafarge India for merger of Lafarge India Holding Pvt Ltd with Lafarge India Pvt Ltd.
Today, Nifty has support at 4,583 and resistance at 4,798 and BSE Sensex has support at 15,263 and resistance at 15,918.
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