The Indian Market is expected to have gap down opening due to the weak global cues as US markets ended in deep red and Asian markets are trading down. On Thursday, domestic markets pared its Tuesdays’ gain and ended on weak note on profit booking across the counters ahead of inflation number and development in India-US nuclear deal. Market opened with gap and tumbled since its initial bell on unfavourable global cues and inflation worries. The market tried to recover after mid session but was not able to continue the momentum and lost further ground to end with losses. Investors were nervous also due to opening of 45-nation NSG meeting for two days to consider India’s nuclear deal with US. BSE Sensex closed around 14,900 level and NSE Nifty ended below 4,500 mark. From the sectoral front, Reality stocks were major sufferer of selling pressure as ended with loss of more than 3%. Other than that, Metal, Oil & Gas, Capital Goods and FMCG stocks also remained out of favour. However, IT and Pharma stocks were in limelight as witnessed most of the buying from these baskets. The BSE Sensex closed lower by 150.76 points at 14,899.10 and NSE Nifty ended down by 56.25 points at 4,447.75. The BSE Mid Caps and Small Caps ended with losses of 7.84 points and 8.02 points at 5,829.17 and 6,974.37. We expect that market may decline further during the trading session.
Inflation for the week ended 23rd August 2008, stood marginally down to 12.34%, from 12.40% of previous week, led by a decline in food prices like fruits, vegetables and milk. The prices of food articles down were down 0.8%.
On Thursday, the US market closed lower due to economic worries on the back of increase in jobless claims along with disappointing retail sales. Weekly jobless claims climbed 15,000 to 444,000. Crude oil prices continued to fall as the U.S. gasoline inventory dropped less than expected, which is an indication of cooling domestic demand for fuel. Light, sweet crude for October delivery fell $1.46 to settle at $107.89 a barrel on the New York Mercantile Exchange.
The Dow Jones Industrial Average (DJIA) closed lower by 344.65 points to close at 11,188.23 followed by the NASDAQ index ended down by 74.69 points to close at 2,259.04 and the S&P 500 (SPX) lost 38.15 points to close at 1,236.83.
Indian ADRs ended down. In technology sector, Infosys ended lower by (2.68%) followed by Patni Computers plunged by (2.07%), Satyam by (1.87%) and Wipro lost (1.37%). In banking sector ICICI Bank and HDFC Bank lost (5.81%) and (4.87%). In telecommunication sector, Tata Communication ended and MTNL dropped by (2.95%) and (1.32%). Sterlite industries decreased by (6.62%).
Today the major stock markets in Asia are trading weak. Hang Seng index is trading lower by 602.86 points at 19,786.62 along with Japan’s Nikkei trading down by 319.05 points at 12,238.61, Taiwan Weighted dropped by 93.74 points at 6,318.89 and Singapore''s Straits Times lost 49.55 points at 2,576.50.
The FIIs on Thursday stood as net buyer in equity and net seller in debt. Gross equity purchased stood at Rs2,844.10 Crore and gross debt purchased stood at Rs459.30 Crore while the gross equity sold stood at Rs1,506.70 Crore and gross debt sold stood at Rs475.80 Crore. Therefore, the net investment of equity reported was Rs1337.40 Crore and net debt was (Rs16.50) Crore.
The partially convertible rupee rebounded from 18 months low and closed at 43.35/44.36 per dollar, from Tuesday''s close of 44.43/44 due to oil prices, which eased concerns of a widening trade deficit along with foreign institutional investor inflows. Further, gains were restricted due to losses in domestic share market.
Today, Nifty has support at 4,311 and resistance at 4,500 and BSE Sensex has support at 14,467 and resistance at 15,123.
Inflation for the week ended 23rd August 2008, stood marginally down to 12.34%, from 12.40% of previous week, led by a decline in food prices like fruits, vegetables and milk. The prices of food articles down were down 0.8%.
On Thursday, the US market closed lower due to economic worries on the back of increase in jobless claims along with disappointing retail sales. Weekly jobless claims climbed 15,000 to 444,000. Crude oil prices continued to fall as the U.S. gasoline inventory dropped less than expected, which is an indication of cooling domestic demand for fuel. Light, sweet crude for October delivery fell $1.46 to settle at $107.89 a barrel on the New York Mercantile Exchange.
The Dow Jones Industrial Average (DJIA) closed lower by 344.65 points to close at 11,188.23 followed by the NASDAQ index ended down by 74.69 points to close at 2,259.04 and the S&P 500 (SPX) lost 38.15 points to close at 1,236.83.
Indian ADRs ended down. In technology sector, Infosys ended lower by (2.68%) followed by Patni Computers plunged by (2.07%), Satyam by (1.87%) and Wipro lost (1.37%). In banking sector ICICI Bank and HDFC Bank lost (5.81%) and (4.87%). In telecommunication sector, Tata Communication ended and MTNL dropped by (2.95%) and (1.32%). Sterlite industries decreased by (6.62%).
Today the major stock markets in Asia are trading weak. Hang Seng index is trading lower by 602.86 points at 19,786.62 along with Japan’s Nikkei trading down by 319.05 points at 12,238.61, Taiwan Weighted dropped by 93.74 points at 6,318.89 and Singapore''s Straits Times lost 49.55 points at 2,576.50.
The FIIs on Thursday stood as net buyer in equity and net seller in debt. Gross equity purchased stood at Rs2,844.10 Crore and gross debt purchased stood at Rs459.30 Crore while the gross equity sold stood at Rs1,506.70 Crore and gross debt sold stood at Rs475.80 Crore. Therefore, the net investment of equity reported was Rs1337.40 Crore and net debt was (Rs16.50) Crore.
The partially convertible rupee rebounded from 18 months low and closed at 43.35/44.36 per dollar, from Tuesday''s close of 44.43/44 due to oil prices, which eased concerns of a widening trade deficit along with foreign institutional investor inflows. Further, gains were restricted due to losses in domestic share market.
Today, Nifty has support at 4,311 and resistance at 4,500 and BSE Sensex has support at 14,467 and resistance at 15,123.
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