24 Jun 2008 | 09:53
Markets expected to open flat to down & bounce back from lower levels on the back of some short covering
The
Indian Markets continued to correct on Monday as the BSE Sensex closed
at 14293.3, down by 1.9% over Friday's close. The Nifty opened at
4351.15 & continued its downtrend. It made an intra-day low of
4225.5. However it witnessed some recovery from those levels, yet
closed on a weak note at 4266.4, down by 1.9% over Friday's close. The
NSE cash turnover stood at Rs. 11239 crores in comparison to Rs. 12069
crores on Friday. The market breadth was negative on BSE with the
advance-decline ratio of nearly 1:5. Among the sectoral indices, IT was
the only outperformer, which increased by 0.7%. Capital Goods, Metals
& Power were the major losers, which decreased by 5.3%, 4.6% &
4% respectively.
On Monday, the US markets closed flat as
renewed concerns about the outlook for financial shares offset gains in
energy stocks and news of a $4.4 billion takeover in the agricultural
sector. Dow Jones closed flat, while Nasdaq closed down by 0.9%. The
Indian ADRs ended on a mix note with Infosys, Wipro & Satyam
increasing by 1.6%, 0.2% & 1.8% respectively. ICICI & HDFC Bank
decreased by 1.3% & 1.6% respectively. Tata Communication &
MTNL decreased by 3.6% & 3% respectively. Among the Latin American
markets, the Mexican market decreased by 0.2%, while Brazilian market
ended flat. Among the metal prices, Aluminium & Copper decreased by
0.3% & 0.5% respectively, while Zinc & Nickel decreased by1.6%
& 1.3% respectively. The light crude oil for July increased by 0.8%
to settle at $135.4 a barrel. Today, the Asian Markets are trading in
the red with Nikkei & Hang Seng trading down by 0.1% & 0.6%
respectively. Shanghai & Singapore Strait are trading down by 1.1%
& 0.2% respectively.
On Friday, the FIIs were net sellers of
Rs. 952.5 crores in the cash market, while they were net sellers of Rs.
1252 crores in the F&O markets. Mutual Funds were net buyers of Rs.
216 crores. As per the provisional figures, FIIs were net sellers of
Rs. 666 crores in the cash market on Monday, while they were net
sellers of Rs. 166 crores in the F&O markets.
Today, we
expect the Markets to open flat to down. However it could bounce back
from lower levels on the back of some short covering. Among the
indices, IT could bounce back, while FMCG & Healthcare are looking
weak.Visit site at – http://investorline.co.in/
Newsroom - http://newsroom.investorline.co.in/
Learning Center- http://learning.investorline.co.in/
Mutual funds - http://mutualfunds.investorline.co.in/
Life Insurance - http://insurance.investorline.co.in/
Investor Journal - http://research.investorline.co.in/
Investor Forums- http://forums.investorline.co.in/
Markets expected to open flat to down & bounce back from lower levels on the back of some short covering
The
Indian Markets continued to correct on Monday as the BSE Sensex closed
at 14293.3, down by 1.9% over Friday's close. The Nifty opened at
4351.15 & continued its downtrend. It made an intra-day low of
4225.5. However it witnessed some recovery from those levels, yet
closed on a weak note at 4266.4, down by 1.9% over Friday's close. The
NSE cash turnover stood at Rs. 11239 crores in comparison to Rs. 12069
crores on Friday. The market breadth was negative on BSE with the
advance-decline ratio of nearly 1:5. Among the sectoral indices, IT was
the only outperformer, which increased by 0.7%. Capital Goods, Metals
& Power were the major losers, which decreased by 5.3%, 4.6% &
4% respectively.
On Monday, the US markets closed flat as
renewed concerns about the outlook for financial shares offset gains in
energy stocks and news of a $4.4 billion takeover in the agricultural
sector. Dow Jones closed flat, while Nasdaq closed down by 0.9%. The
Indian ADRs ended on a mix note with Infosys, Wipro & Satyam
increasing by 1.6%, 0.2% & 1.8% respectively. ICICI & HDFC Bank
decreased by 1.3% & 1.6% respectively. Tata Communication &
MTNL decreased by 3.6% & 3% respectively. Among the Latin American
markets, the Mexican market decreased by 0.2%, while Brazilian market
ended flat. Among the metal prices, Aluminium & Copper decreased by
0.3% & 0.5% respectively, while Zinc & Nickel decreased by1.6%
& 1.3% respectively. The light crude oil for July increased by 0.8%
to settle at $135.4 a barrel. Today, the Asian Markets are trading in
the red with Nikkei & Hang Seng trading down by 0.1% & 0.6%
respectively. Shanghai & Singapore Strait are trading down by 1.1%
& 0.2% respectively.
On Friday, the FIIs were net sellers of
Rs. 952.5 crores in the cash market, while they were net sellers of Rs.
1252 crores in the F&O markets. Mutual Funds were net buyers of Rs.
216 crores. As per the provisional figures, FIIs were net sellers of
Rs. 666 crores in the cash market on Monday, while they were net
sellers of Rs. 166 crores in the F&O markets.
Today, we
expect the Markets to open flat to down. However it could bounce back
from lower levels on the back of some short covering. Among the
indices, IT could bounce back, while FMCG & Healthcare are looking
weak.Visit site at – http://investorline.co.in/
Newsroom - http://newsroom.investorline.co.in/
Learning Center- http://learning.investorline.co.in/
Mutual funds - http://mutualfunds.investorline.co.in/
Life Insurance - http://insurance.investorline.co.in/
Investor Journal - http://research.investorline.co.in/
Investor Forums- http://forums.investorline.co.in/
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