The Indian Market is expected to have gap up opening as US markets closed in green and a fall in domestic weekly inflation figures. On Thursday, domestic markets ended lower by more than 2% on the back of weak European and Asian markets after Lehman Brothers posted a third-quarter loss of $3.9 billion. Investors’ decided to stay on the side line, ahead of IIP data for the month of July 2008, along with inflation number for the week ended 30th August 2008. Markets opened sharply lower tracking unfavorable cues from Asian markets. Further market continued to sink and sharply lost ground during last hours of trading to end with heavy losses. NSE Nifty ended below 4,300 mark and BSE Sensex around 14,300 level. Mid cap and Small cap stocks also remained out of favors as lost more than 1%. From the sectoral front, all 13 indices declined and among that Oil & Gas stocks were worst performer as closed with loss of more than 3%. Apart form that, Capital Goods, Metal, Reality, Bank and Power stocks were major sufferers of negative sentiment as witnessed most of the selling from these baskets. The BSE Sensex closed lower by 338.32 points at 14,321.29 and NSE Nifty ended down by 109.95 points at 4,290.30. The BSE Mid Caps and Small Caps closed with cut of 61.73 points at 5,647.20 and by 84.49 points at 6,818.93. We expect that market may gain some ground during the trading session. Investors also will keep an eye on the IIP data due to be released today.
Inflation fell for the third week in succession to close at 12.10% as on 30th August 2008, from 12.34% of precious week. as prices of most food articles including fruits and vegetables moderated. The annual inflation rate stood at 3.72% during the corresponding week of the previous year.
On Thursday, the US market closed with gains as weekly jobless claims reduced and crude dropped further. A weekly jobless claim dropped but was higher than expected. Initial claims for state unemployment insurance benefits dropped to 445,000 during the week ended Sept. 6 from a revised 451,000 in the prior week. Crude oil for October delivery fell $1.71 to close at $100.87 per barrel on the New York Mercantile Exchange after trading as low as $100.10.
The Dow Jones Industrial Average (DJIA) closed higher by 164.79 points to close at 11,433.71 followed by the NASDAQ index ended up by 29.52 points to close at 2,258.22 and the S&P 500 (SPX) gained 17.01 points to close at 1,249.05.
Indian ADRs ended lower. In technology sector, Infosys ended lower by (5.13%) followed by Wipro dropped by (4.69%), Satyam plunged (2.65%) and Patni Computers lost (1.10%). In banking sector ICICI Bank and HDFC Bank lost (2.89%) and (1.66%). In telecommunication sector, MTNL and Tata Communication plunged (2.11%) and (1.66%). Sterlite industries decreased by (2.44%).
Today the major stock markets in Asia are trading mixed. Japan’s Nikkei is trading stronger by 128.49 points at 12,230.99 along with Singapore''s Straits trading up by 20.71 points at 2,561.86. However, Hang Seng index plunged 141.63 points at 19,247.09 and Taiwan Weighted fell 19.80 points at 6,232.15.
The FIIs on Thursday stood as net seller in equity and net buyer in debt. Gross equity purchased stood at Rs2,611.80 Crore and gross debt purchased stood at Rs436.60 Crore while the gross equity sold stood at Rs3,481.90 Crore and gross debt sold stood at Rs140.10 Crore. Therefore, the net investment of equity reported was (Rs870.10) Crore and net debt was Rs296.50 Crore.
The Indian rupee on Thursday dropped to its lowest in nearly two years as a fall in stock market fueled concerns of foreigners withdrawing investments, with the central bank suspected of intervening to limit the falls. The partially convertible rupee closed at 45.56/57 per dollar, its weakest since Oct. 12, 2006 and 1% weaker than Wednesday''s close of 45.10/11.
Today, Nifty has support at 4,220 and resistance at 4,438 and BSE Sensex has support at 14,048 and resistance at 14,789
Inflation fell for the third week in succession to close at 12.10% as on 30th August 2008, from 12.34% of precious week. as prices of most food articles including fruits and vegetables moderated. The annual inflation rate stood at 3.72% during the corresponding week of the previous year.
On Thursday, the US market closed with gains as weekly jobless claims reduced and crude dropped further. A weekly jobless claim dropped but was higher than expected. Initial claims for state unemployment insurance benefits dropped to 445,000 during the week ended Sept. 6 from a revised 451,000 in the prior week. Crude oil for October delivery fell $1.71 to close at $100.87 per barrel on the New York Mercantile Exchange after trading as low as $100.10.
The Dow Jones Industrial Average (DJIA) closed higher by 164.79 points to close at 11,433.71 followed by the NASDAQ index ended up by 29.52 points to close at 2,258.22 and the S&P 500 (SPX) gained 17.01 points to close at 1,249.05.
Indian ADRs ended lower. In technology sector, Infosys ended lower by (5.13%) followed by Wipro dropped by (4.69%), Satyam plunged (2.65%) and Patni Computers lost (1.10%). In banking sector ICICI Bank and HDFC Bank lost (2.89%) and (1.66%). In telecommunication sector, MTNL and Tata Communication plunged (2.11%) and (1.66%). Sterlite industries decreased by (2.44%).
Today the major stock markets in Asia are trading mixed. Japan’s Nikkei is trading stronger by 128.49 points at 12,230.99 along with Singapore''s Straits trading up by 20.71 points at 2,561.86. However, Hang Seng index plunged 141.63 points at 19,247.09 and Taiwan Weighted fell 19.80 points at 6,232.15.
The FIIs on Thursday stood as net seller in equity and net buyer in debt. Gross equity purchased stood at Rs2,611.80 Crore and gross debt purchased stood at Rs436.60 Crore while the gross equity sold stood at Rs3,481.90 Crore and gross debt sold stood at Rs140.10 Crore. Therefore, the net investment of equity reported was (Rs870.10) Crore and net debt was Rs296.50 Crore.
The Indian rupee on Thursday dropped to its lowest in nearly two years as a fall in stock market fueled concerns of foreigners withdrawing investments, with the central bank suspected of intervening to limit the falls. The partially convertible rupee closed at 45.56/57 per dollar, its weakest since Oct. 12, 2006 and 1% weaker than Wednesday''s close of 45.10/11.
Today, Nifty has support at 4,220 and resistance at 4,438 and BSE Sensex has support at 14,048 and resistance at 14,789
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