23 Jun 2008 | 10:32
Markets expected to open down following weak global cues & fall further, but could recover from the lows during the day.
It
was a bad session on Friday as the Indian Markets corrected sharply on
a much higher than expected inflation of 11.05%, thus closing below the
March lows. The BSE Sensex closed at 14571.3, down by 3.4% over
Thursday's close. The Nifty opened flat & made an intra-day high of
4532 in the early hour of trade. However it showed signs of weakness
& post the weekly inflation data, it witnessed a huge sell-off. It
corrected through the day, making an intra-day low of 4333.6 before it
managed to close at 4347.6, down by 3.5% over Thursday's close. The NSE
cash turnover stood at Rs. 12069 crores in comparison to Rs. 9342
crores on Thursday's. The market breadth was negative on BSE with the
advance-decline ratio of nearly 1:5. All the sectoral indices ended in
the red with Oil & Gas, Realty & Metals being the major losers,
decreasing by 5%, 4.5% & 4% respectively.
On Friday, the US
markets closed on a weak note as rising oil prices and warnings of more
mortgage-related write-downs at banks reignited investor fears of worse
to come. Dow Jones closed below 12000 for the first time since
mid-March, closing down by 1.8%, while Nasdaq closed down by 2.3%. The
Indian ADRs ended lower with Infosys, Wipro & Satyam decreasing by
4.4%, 7.4% & 5.8% respectively. ICICI & HDFC Bank decreased by
5.7% & 4.4% respectively. Tata Communication decreased by 5.6%,
while MTNL increased by 0.7%. Among the Latin American markets, the
Mexican market decreased by 1.1%, while Brazilian market decreased by
1.3%. Among the metal prices, Aluminium & Copper increased by 1.7%
& 2.4% respectively. Zinc closed up by 2%, while Nickel closed
flat. The light crude oil for July increased by 2% to settle at $134.62
a barrel. Today, the Asian Markets are trading on a weak note with
Nikkei & Hang Seng trading down by 1% each, while Shanghai &
Singapore Strait are trading down by 1.6% & 0.9% respectively.
On
Thursday, the FIIs were net sellers of Rs. 352 crores in the cash
market, while Mutual Funds were net sellers of Rs. 100 crores. As per
the provisional figures, FIIs were net sellers of Rs. 999 crores in the
cash market on Friday, while they were net sellers of Rs. 1252 crores
in the F&O markets.
Today, we expect the Markets to open
down & fall further following weak global cues. However, it could
recover from the lows during the day considering the sharp sell-off
that has taken place over the last three trading sessions. Among the
indices, FMCG & IT are looking weak.
Markets expected to open down following weak global cues & fall further, but could recover from the lows during the day.
It
was a bad session on Friday as the Indian Markets corrected sharply on
a much higher than expected inflation of 11.05%, thus closing below the
March lows. The BSE Sensex closed at 14571.3, down by 3.4% over
Thursday's close. The Nifty opened flat & made an intra-day high of
4532 in the early hour of trade. However it showed signs of weakness
& post the weekly inflation data, it witnessed a huge sell-off. It
corrected through the day, making an intra-day low of 4333.6 before it
managed to close at 4347.6, down by 3.5% over Thursday's close. The NSE
cash turnover stood at Rs. 12069 crores in comparison to Rs. 9342
crores on Thursday's. The market breadth was negative on BSE with the
advance-decline ratio of nearly 1:5. All the sectoral indices ended in
the red with Oil & Gas, Realty & Metals being the major losers,
decreasing by 5%, 4.5% & 4% respectively.
On Friday, the US
markets closed on a weak note as rising oil prices and warnings of more
mortgage-related write-downs at banks reignited investor fears of worse
to come. Dow Jones closed below 12000 for the first time since
mid-March, closing down by 1.8%, while Nasdaq closed down by 2.3%. The
Indian ADRs ended lower with Infosys, Wipro & Satyam decreasing by
4.4%, 7.4% & 5.8% respectively. ICICI & HDFC Bank decreased by
5.7% & 4.4% respectively. Tata Communication decreased by 5.6%,
while MTNL increased by 0.7%. Among the Latin American markets, the
Mexican market decreased by 1.1%, while Brazilian market decreased by
1.3%. Among the metal prices, Aluminium & Copper increased by 1.7%
& 2.4% respectively. Zinc closed up by 2%, while Nickel closed
flat. The light crude oil for July increased by 2% to settle at $134.62
a barrel. Today, the Asian Markets are trading on a weak note with
Nikkei & Hang Seng trading down by 1% each, while Shanghai &
Singapore Strait are trading down by 1.6% & 0.9% respectively.
On
Thursday, the FIIs were net sellers of Rs. 352 crores in the cash
market, while Mutual Funds were net sellers of Rs. 100 crores. As per
the provisional figures, FIIs were net sellers of Rs. 999 crores in the
cash market on Friday, while they were net sellers of Rs. 1252 crores
in the F&O markets.
Today, we expect the Markets to open
down & fall further following weak global cues. However, it could
recover from the lows during the day considering the sharp sell-off
that has taken place over the last three trading sessions. Among the
indices, FMCG & IT are looking weak.
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