Wall Street Surrender Gains

10 Sep 2008 | 09:27 Wall Street Surrender Gains
Stocks on Wall Street ended the session sharply lower, with the Dow closing down 280 points erasing nearly all of the gains posted in the previous session. Weakness in the financial sector sent the markets lower on negative news on Lehman Brothers.

The major averages which fell further in the final hour of the session, closed at their worst levels of the day. The Dow closed down 280.01 points or 2.4% at 11,230.73, the Nasdaq closed down 59.95 points or 2.6% at 2,209.81 and the S&P 500 closed down 43.28 points or 3.4% at 1,224.51, marking the largest one day percent decline since February 2007.

Weakness was broad-based, 91% of the S&P 500 components posted a loss and all ten of the economic sectors settled in negative territory. Volume was on the heavy side, with 1.7 billion shares exchanging hands on the NYSE.

If we look sector wise the financial sector, which fell by 6.6%, acted as the main drag on the market, with Lehman Brothers sparking much of the selling interest. Lehman Brothers plunged 45% as traders speculated about the firm's capital position after reports indicated that a state-run Korean bank is no longer in talks to buy some or all of Lehman. However, Reuters said that a Korean official denied the reports. Shares of Lehman Brothers fell further after Standard & Poor?s put the investment bank?s credit ratings on Credit Watch with negative implications. S&P stated that the drop in Lehman?s stock could hinder the company?s ability to raise capital.

The energy sector plunged by 6.4% got clipped as energy commodities fell 3.6%. The losses came on expectations that Hurricane Ike would spare production in the Gulf of Mexico and OPEC would leave its oil output unchanged. Crude prices fell a steep 4.2% to $101.87 per barrel, which is the lowest level since April.

Adding to the selling pressure, the National Association of Realtors released a key report on pending home sales. In the report, the NAR said that that pending home sales fell by 3.2% in July following an upwardly revised 5.8% increase in June. Pending sales fell 7.5% in the Northeast and 10.6% in the West, while the Midwest was up 2.8% and the South was flat. Hurt by the disappointing report on pending home sales, housing stocks showed considerable weakness as well. The Philadelphia Housing Index fell 6.9 percent, reversing the gain posted in the previous session.

Going in detail index wise, the majority of the Dow Jones stocks ended the session with notable losses, sending the blue chip index sharply lower. Of the 30 stocks that make up the Dow, only 5 ended the session with gains.

AIG led the Dow lower on fears that the company?s exposure to the mortgage markets may force the company to raise fresh capital. Shares of the insurer ended the day down 19.3 percent. With the decline, the stock gave back all of the gains posted in the previous two sessions, closing at its worst level in well over ten years.

Other financial stocks inside the Dow closed sharply lower as well, including Citigroup, Bank of America and JP Morgan Chase. Citigroup closed down 7.1%, Bank of America closed down 6.4% and JP Morgan Chase closed down 5%.

Reversing most of a gain posted in the previous session, American Express also saw significant selling pressure. Shares of the credit card issuer fell 5.6%, although they remain in a nearly two-week trading range.

Amid fears a global economic slowdown, Caterpillar posted a substantial loss as well. The construction equipment manufacturer ended the session 5 percent lower, extending a recent downtrend. With the decline, the stock closed at its worst level in well over a year.

Pfizer, Exxon Mobil and Home Depot also showed considerable weakness. Pfizer ended the session 4.7 percent lower on news that it will withdraw all marketing applications globally for its skin treatment drug dalbavancin. Exxon Mobil closed down 4.6 percent, compared to a 3.4 percent decline by Home Depot.

On the other hand, Coca Cola ended the session with a notable gain. Shares of the beverage maker closed up 0.9%, extending a recent up trend. McDonald?s also ended the day sharply higher. The stock saw a gain of 1.2%, adding to gains posted in the past two sessions. Earlier in the day, the company reported 8.5% growth in its global comparable sales for the month of August, helped by its popular breakfast menu, Olympic-related marketing, and extended hours.

In Commodity market, the gold closed lower for a seventh straight session, hurt by a stronger dollar and lower crude oil prices. December gold ended down $10.50 at $792 an ounce, its lowest closing mark of 2008. Gold touched as low as $780.20 an ounce earlier in the day.

The Crude-oil futures dropped almost 3% to close at their lowest level since April as concerns waned over potential damage to energy infrastructure in the Gulf of Mexico from Hurricane Ike, and comments from a key oil producers' meeting in Vienna indicated a likely decision to leave output quotas unchanged. Crude for October delivery fell $3.08, or 2.9%, to close at $103.26 a barrel on the New York Mercantile Exchange. It dropped as far as $103.15 during the session to mark a fresh five-month low. Prices extended their decline into electronic trading evening to drop below $102 per barrel.

Earlier on the day, the stock markets across the Asian region closed sharply lower, as traders did some profit taking following Monday's rally. The Japanese Nikkei 225 average closed down 1.8%. Hang Seng China Enterprises tracked Shanghai stocks lost 2.79% to 10,825.25 while the benchmark Hang Seng index closed down 1.46% at 20,491.1. The BSE Sensex declined 0.41% to 14,883.4.

The major European markets also ended the session lower after trading in a mixed fashion earlier in the day. The French CAC 40 Index closed down 1.1%, while the German DAX Index ended the session 0.5% lower. The U.K?s FTSE 100 Index finished the day down 0.6%.

Looking ahead the economic calendar features the Mortgage Bankers Association weekly report on mortgage applications, which will be followed by the Energy Information Administration weekly data on crude oil inventories.

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Nifty, Relcap, Reliance, Rcom, Rpl, Voltas

Nifty (spot)  4468.70

 

 

 

Nifty Intraday trading levels

 

Today, if Nifty trades below 4445, then it could test 4380. Instead, if it sustains above 4445, then it could test 4530.

 

 

 

Nifty Trading Strategy for intraday and positional trading

 

For intraday, the crucial level is 4445. Trade long above this level and be short below this level for a target of 4380.

 

Positional traders can initiate longs on decline towards 4380 with a stop at 4340 for a target of 4700.

 

 

 

 

Short term Technical View of Nifty

 

Now, Nifty is likely to rally towards 4700 by this month end and the next short term correction is likely to occur around 4700 level. This view holds good as long as Nifty stays above 4350.

 

Instead, if it fails to hold above 4350 level, then it could decline towards 4200.

 

Extreme Short term technical view of Nifty

 

In the extreme short term, the level 4350 is crucial. If Nifty sustains above this level, then it is likely to rally towards 4700.

                                                                                                                  

 

 

 

 

 

 

 

 

Medium term outlook of Nifty dated on 02 July 2008

 

The medium term outlook of Nifty has turned bullish and it is likely to move towards 5500 by this year end and this view holds good as long as Nifty stays above 3600.

 

 

Long term outlook of Nifty dated on 02 July 2008

 

The long term outlook of Nifty is looking bullish and it seems that Nifty is in the middle of this bull run. So, the bullrun is likely to continue for another 4 to 5 years and this view holds good as long as Nifty stays above 3600.

 

 

            

 

 

Short term trading calls of Stocks for spot market

Rcom

 

The short term trend of this scrip is looking bullish and it is likely to test 440 in the short term and this view holds good as long as it sustains above 380.

 

On contrary, if it trades below 380, the short term trend would turn bearish and in the downside it is likely to decline towards 350.

 

 

Trading Strategy for Rcom

 

For intraday, the crucial level is 399. Trade long above this level and trade short below this level.

 

Positional traders can initiate longs on declines with a stop at 380 for a target of 440.

 

 

 

Voltas

 

The short term trend of this scrip is looking bullish and it is likely to test 160 in the short term and this view holds good as long as it sustains above 124.

 

On contrary, if it moves below 124, then the short term trend would turn bearish and in the downside it is likely to decline towards 112.

 

Trading Strategy for Voltas

 

For Intraday, the crucial level is 131. Trade long above this level and trade short below this level.

 

Positional traders can initiate longs with a stop at 124 for a target of 160 .

 

 

 

 

Reliance

 

The short term trend of this scrip is looking bullish and it is likely to test 2300 in the short term and this view holds good as long as it sustains above 2060.

 

On contrary, if it trades below 2060, the short term trend would turn bearish and in the downside it is likely to decline towards 1950.

 

 

Trading Strategy for Reliance

 

For intraday, the crucial level is 2100. Trade long above this level and be short below this level.

 

Positional traders can initiate longs on declines with a stop at 2060.

 

 

 

 

 

Reliance Capital

 

The short term trend of this scrip is looking bullish and it is likely to test 1450 in the short term and this view holds good as long as it sustains above 1290.

 

On contrary, if it trades below 1290, the short term trend would turn bearish and in the downside it is likely to decline towards 1200.

 

 

Trading Strategy for Reliance Capital

 

For intraday, the crucial level is 1345. Trade long above this level and be short below this level.

 

Positional traders can initiate longs on declines with a stop at 1290 for a target of 1450.

 

 

 

 

 

RPL

 

The short term trend of this scrip is looking bullish and it is likely to test 180 in the short term and this view holds good as long as it sustains above 150.

 

On contrary, if it trades below 150, the short term trend would turn bearish and in the downside it is likely to decline towards 140.

 

 

 

Trading Strategy for SBI

 

For intraday, the crucial level is 159. Trade long above this level and be short below this level.

 

Positional traders can initiate longs on declines with a stop at 150.

 

 

 

 

Source - Sathiamoorthy.com  

 

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RBI governor says India growth story is still intact

RBI governor says India growth story is still intact
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Reserve Bank of India (RBI) governor D Subbarao today, 9 September 2008, said the current high level of domestic inflation reflects a combination of supply-side pressures as well as demand-side factors. RBI will be monitoring the situation closely and continuously, be mindful of the implications of the monetary stance on the growth prospects, and take action as appropriate, he said at his first press conference after taking charge as the RBI governor last week.

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India's remarkable economic expansion from an average of 5% in the '90s to close to 9% in the recent period has been led by rise in private consumption, rise in private investment and surge in exports, Subbarao said adding that the structural India growth story is still intact and credible.

To sustain and accelerate this growth, financial sector reform, aimed at improved efficiency and financial stability, will remain important, he said.

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Markets expected to open down following weak global cues & remain volatile through the day

10 Sep 2008 | 10:17 Markets expected to open down following weak global cues & remain volatile through the day

The markets opened on a weak note but soon recovered from the lows of the day and closed with moderate losses on Tuesday. The BSE Sensex closed marginally down by 0.3% at 14,900. After opening gap down & making an intra-day low of 4,419, the Nifty recovered well from those levels throughout the day. Towards the end of the session, the it made an intraday high of 4498 before closing marginally in the red at 4,469, down by 0.3% over Monday's close. The NSE cash turnover stood at Rs. 10,403 crores in comparison to Rs. 11,695 crores on Monday. The market breadth was negative on BSE with the advance-decline ratio of 0.8:1. Among the sectoral indices, the TECk and Oil and Gas indices outperformed, increasing by 0.6% and 0.4% respectively, while Metals, Banks and Realty shed the most, falling by 1.8%, 1.3% and 1.2% respectively.

The U.S. stocks finished sharply lower on Tuesday, with the benchmark S&P 500 suffering its worst percentage decline since February 2007, as financial shares sold off on worries about Lehman Brothers' ability to raise much-needed cash. Dow Jones and Nasdaq decreased by 2.4% and 2.6% respectively. All the Indian ADRs closed lower with Infosys, Wipro and Satyam closing down by 2.5%, 2.8% and 2.3% respectively. ICICI & HDFC Bank decreased by 5.8% & 7.6% respectively. Among the Latin American markets, the Mexican markets decreased by 2.3%, while Brazilian markets decreased by 4.5%. Among the Metal prices, Copper and Aluminium decreased by 1.2% & 1% respectively, while Zinc & Nickel decreased by 0.9% & 0.1% respectively.
The light crude oil for October decreased by 2.9% to settle at $103.26 a barrel. Today, the Asian Markets are trading on a mixed note with Nikkei & Hang Seng trading down by 1.1% & 1.7% respectively, while Singapore Strait is down by 1.2%. However Shanghai is trading higher by 1.1%.

On Monday, the FIIs were net buyers of Rs. 758 crores in the cash markets, while they were net buyers of Rs. 1527 crores in the F&O markets. Mutual Funds were net buyers of Rs. 100 crores. As per the provisional figures, FIIs were net sellers of Rs. 392 crores in the cash market on Tuesday, while they were net sellers of Rs. 33 crores in the F&O markets.

Today, we expect the Markets to open down following weak global cues & remain volatile through the day. Among the indices, Oil & Gas & IT are looking good, while Metals, Banks, Realty & Healthcare indices are looking weak & could underperform.

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Downward Trend Remain Intact In Asian Markets

19 Aug 2008 | 16:35




Downward Trend Remain Intact In Asian Markets


The
stock markets across the Asian region were trading sharply lower after
Wall Street tumbled overnight amid weakness in the financial sector.
Mortgage giants Fannie Mae and Freddie Mac plunged more than 20% fears
that the U.S. treasury might have to bail out the lenders and banks
fell on the back of weak housing sentiment data. Overnight, the Dow
fell 1.55% on news that the U.S. Government might have to bail out
mortgage finance giants Fannie Mae and Freddie Mac. The S&P 500
shed 1.51% and the Nasdaq lost 1.45%.

Oil settled lower on
Monday as fears over a storm in the Gulf of Mexico eased. In Asian
deals, crude oil has eased further to $112.02 a barrel by 2:07 a.m ET,
after settling down $0.90 at $112.87 a barrel overnight on the New York
Mercantile Exchange. Crude ended below $113 for the first time since
May 1.

In the currency market, the U.S. dollar traded in the
upper 109-yen levels in late Tokyo deals. The greenback was quoted at
109.99-110.01 yen, down 0.26 yen from Monday's close of 110.25-110.26
yen in Tokyo.

The South Korean won fell against the greenback.
The local unit fell to 1,049.4 a dollar, its lowest level in more than
six weeks, on increased demand for the dollar from importers and
foreign investors who sold local shares. On Monday, the won closed at
1,046.9 a dollar.

The Australian dollar closed weaker after a
drop in the euro and gold prices boosted the U.S. dollar. The release
of the minutes of the Reserve Bank of Australia's August 5 board
meeting hardly impacted the domestic currency, as the market had
already factored in a September interest rate cut. The local unit
finished the session at US$0.8642-0.8645, down from Monday's close of
US$0.8746-0.8750.

The New Zealand dollar retreated from 11-day
highs on risk aversion following steep losses across global equity
markets. The kiwi finished the local session at US$0.7080-0.7086, down
US$0.7085-0.7109 in late local trade Monday.

The Japanese market
closed sharply lower, reversing yesterday's gains. The benchmark Nikkei
225 index closed down by 2.28% taking the index to a one-month low of
12,865.05. The broader Topix index of all the First Section issues on
the Tokyo Stock Exchange lost 2.23% to finish at 1,235.54.

The
Bank of Japan's policy board members voted unanimously to leave
interest rates steady, but cut their views on Japan's economy, as it
became increasingly apparent that the economy has entered a downturn
both at home and abroad. The board agreed to keep the unsecured
overnight call loan rate unchanged at 0.50%, the lowest level among
Group of Seven nations, marking the 10th consecutive unanimous vote.

The
Chinese market closed higher, rebounding from yesterday's 5.34% plunge,
led by power producers and banks. Banks got a boost after China
Merchants Bank reported better-than-expected first-half earnings, while
power firms gained on hopes for further tariff hikes. On Mainland
China, the Shanghai Composite gained 1.06% to 2,344.47 and the Shenzhen
All Share index rose 1.3% to 664.73, recouping part of the losses from
the previous session.

However Hong Kong continued to trade in
negative, the Hang Seng China Enterprises Index declined 2.30% to
10,714.44, while the benchmark Hang Seng Index gave up 2.13% to
20,484.37.

The South Korean market plunged, extending
yesterday's losses, as investors locked in profits following renewed
U.S. credit concerns and a global economic slowdown. The benchmark
Korea Composite Stock Price Index or Kospi fell 1.68% to finish at
1,541.41.

On the economic front, the Bank of Korea said in a
report that South Korea's corporate bankruptcies increased to 209 in
July from 191 recorded in June. According to the central bank, the
number of failed companies in South Korea's service sector increased 23
to 97, while, bankruptcies in the manufacturing sector decreased 11 to
56 and in the construction sector, it fell to 42 from 46.

The
Australian stock market closed sharply lower, with both the financial
and resources sectors ending in the red. The benchmark S&P/ASX 200
index closed down 2.4% at 4,866.4, its lowest close since August 5. The
broader All Ordinaries index dropped 113.1 points or 2.2% to finish at
4,930.4.

On the economic front, the minutes of the Reserve Bank
of Australia's August 5 policy meeting showed that the central bank was
poised to consider a drop from the current 12-year high cash rate of
7.5%. The Reserve Bank of Australia Policy Board thinks that an
interest rate reduction might be necessary to help steer the nation's
economy away from a deeper economic slowdown. The Board's next meeting
is scheduled for September 2.

Meanwhile, the Australian Bureau
of Statistics reported that merchandise imports in Australia increased
in July to A$19.66 billion from a revised A$17.52 billion in June.

The
New Zealand stock market closed lower for the second straight session.
The market started off lower, tracking the plunge overnight on Wall
Street amid renewed U.S. credit fears, but recovered some ground in the
afternoon session. The benchmark NZX 50 index closed down 0.44% at
3,319.60, off day's low of 3,303.76. The broader NZX All Capital index
lost 0.25% to finish at 3,346.11.

On the economic front,
Statistics New Zealand said that Capital Goods Price Index, or CGPI,
increased 1% in the second quarter from the previous quarter due to
jumps in prices for plant, machinery and equipment as well as costs for
construction of new houses. On year-over-year basis, the June-quarter
CGPI increased 3.1%.

Statistics New Zealand also reported that
producer prices increased sharply in the second quarter of 2008.
Producer input prices, which exclude farm and factory labor, rose 5.6%
from the first quarter, while output prices increased 3.5%. The
increases were the fastest in more than 20 years. On an annualized
basis, input prices jumped 11.8% and output prices rose 8.5%.

In
India, the markets recovered in late trade to end marginally lower.
Sensex recovered close to 230 points a fresh intra-day low hit during
mid-afternoon trade. The BSE 30-share Sensex provisionally ended down
41.55 points or 0.28% to 14,604.11. At day?s high of 14,604.11, the
index lost 41.55 points in late trade. At the day?s low of 14,368.72,
the Sensex lost 276.94 in mid-afternoon trade.

Elsewhere,
Taiwan's weighted index was down 0.32% to 7,000.74 while Singapore's
Straits Times index was fell by 1.75% to 2,728.39. In Malaysia the KLSE
Composite Index was down by 1.38% to 1,069.42. In Indonesia, the
Jakarta Composite fell by 2.05% to 2,042.50.

In the other part
of the world, European shares fell again, led lower by financials amid
growing worries about the health of the sector after reports that the
U.S. government will have to bail out U.S. mortgage giants Fannie Mae
and Freddie Mac.

Tracking the globe it was a similar story
around the regions in Europe following the Asian market lower closing.
The U.K. FTSE 100 index dropped 1.3% to 5,380.40, the German DAX 30
index lost 1.2% to 6,355.11 and the French CAC-40 index fell 1.7% to
4,373.07.

However on the economic front it seems to be a good
day as sentiment among German financial analysts and institutional
investors improved in August on declining oil prices and a weaker euro.
According to a survey from the Center for European Economic Research,
or ZEW, the think tank's economic expectations index rose to -55.5
points from -63.9 points in July, and lower than its historical average
of 28.3 points.

But survey participants assessed current
economic conditions as sharply less favorable. The corresponding
indicator dropped 26.2 points to -9.2 points. That marks the lowest
level since February 2006, when the indicator stood at -19.5 points.

On
the other hand, German producer prices rose faster than expected in
July, reaching the highest annual rate in nearly 27 years. The producer
price index, which measures prices at the factory gate, rose 2.0% on
the month and 8.9% on the year. The last time prices accelerated as
quickly was in October 1981, when prices were up 9.1% on the year, the
office added. The July rise builds on gains in June, when producer
prices were up 0.9% from May and 6.7% from a year earlier.

As
in previous months, energy accounted for the bulk of the July increase
- energy prices were up 5.1% from June and 24.5% from a year earlier.
Stripping out energy prices, producer prices were up only 3.6% from
July 2007, the office added.

Looking ahead the day is scheduled
to release some important data of the week. First of all it will
release housing starts and building permit data on US housing sector.
However the focus of the day will be on the Producer price index of US
for the month of July, which will show inflation level at factory gate.
It will be accompanied by wholesale sales from Canada. In the late
evening we have all industry activity index from Japan for the month of
June.
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Markets expected to open flat to weak following negative global cues & remain volatile in a range through the day

08 Aug 2008 | 10:01



Markets expected to open flat to weak following negative global cues & remain volatile in a range through the day



It
was a volatile session on Thursday as the Indian Markets corrected from
the highs to end marginally in the positive. The BSE Sensex slipped
from an intra-day high of 15280.1 to end up marginally by 0.3% at
15117.25. After opening on a weak note, the Nifty recovered well from
the lows & gained strength through the day, making an intra-day
high of 4580.2. However, it couldn’t sustain at those higher levels
& corrected towards the end to close marginally in the positive at
4523.9, up by 0.1% over Wednesday’s close. The NSE cash turnover stood
at Rs. 13057 crores in comparison to Rs.
18615 crores on Wednesday.
The market breadth was marginally positive on BSE with the
advance-decline ratio of 1:0.9. Among the sectoral indices, Consumer
Durables & Autos were the outperformers, which increased by 2.9%
&
1.2% respectively. However, Capital Goods & Power underperformed,
decreasing by 0.7% & 0.5% respectively.

U.S.
stocks tumbled on Thursday after a big loss from insurer American
International Group fueled fears of more fallout from the credit crisis
& Wal-Mart's cautious sales forecast added to concerns about
consumer spending. Dow Jones & Nasdaq decreased by 1.3% & 1%
respectively. The Indian ADRs ended on a mix note with Infosys &
Wipro decreasing by 2.2% & 2.8%, while Satyam increased by 0.1%.
Dr. Reddy’s was up by 2.2%, while ICICI Bank decreased by 4.1%. Tata
Communications increased by 2.7%. Among the Latin American markets, the
Mexican market decreased by 1.3%, while Brazilian market decreased by
0.9%. Among the metal prices, Aluminium & Nickel increased by 0.3%
& 5.5% respectively, while Copper & Zinc decreased by 0.5%
& 0.3% respectively. The light crude oil for September increased by
1.2% to settle at $120 a barrel. Today, the Asian Markets are trading
on a mix note with Nikkei & Shanghai index trading down by 0.5%
each. However Hang Seng is trading up by 0.5%.

On Wednesday, the
FIIs were net buyers of Rs. 1629 crores in the cash market, while
Mutual Funds were net sellers of Rs. 383 crores. As per the provisional
figures, FIIs were net sellers of Rs. 223 crores in the cash market on
Thursday, while they were net sellers of Rs. 226 crores in the F&O
markets.

Today, we expect the Markets to open flat to weak
following negative global cues. It is expected to remain volatile in a
range through the day. Among the indices, Capital Goods & Power
indices are looking weak, while Consumer Durables, FMCG & Auto
indices could do well.

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Markets expected to open gap up following positive global cues, but could witness intra-day profit taking at higher levels

11 Aug 2008 | 10:07



Markets expected to open gap up following positive global cues, but could witness intra-day profit taking at higher levels



On
Friday, the Indian Markets recovered from the lows to close marginally
in the positive. The BSE Sensex closed at 15167.8, up by 0.3% over
Thursday’s close. After opening flat, the Nifty witness selling
pressure & corrected to make an intra-day low of 4464. However, it
recovered well from those levels & ended marginally in the positive
by 0.1% at 4529.5. The NSE cash turnover stood at Rs. 12533 crores in
comparison to Rs. 13057 crores on Thursday. The market breadth was
neutral on BSE with the advance-decline ratio of 1:1. Among the
sectoral indices, Metals, Banks & Capital Goods were the major
gainers, which increased by 1.7%, 1.5% & 1.4% respectively.
However, IT & Realty decreased by 1.7% & 1.3% respectively.

On
Friday, The U.S. markets rallied on account of decline in the oil
prices. Dow Jones & Nasdaq increased by 2.7% & 2.5%
respectively. The Indian ADRs ended in the green with Infosys, Wipro
& Satyam increasing by 1.5%, 0.1% & 1.1% respectively. Dr.
Reddy’s was up by 3%, while ICICI & HDFC Bank increased by 8% &
5.5% respectively. However, Tata Communications decreased by 5%. Among
the Latin American markets, the Mexican market increased by 0.5%, while
Brazilian market decreased by 0.8%. Among the metal prices, Aluminium
& Nickel decreased by 1.9% & 3.3% respectively, while Copper
& Zinc decreased by 2.3% & 3.2% respectively. The light crude
oil for September decreased by 4% to settle at $115.2 a barrel. Today,
the Asian Markets are trading on a mix note with Nikkei & Hang Seng
index trading up by 1.7% & 1.4% respectively. However, Shanghai is
trading down by 1.5%.

On Thursday, the FIIs were net sellers of
Rs. 19 crores in the cash market, while they were net sellers of Rs.
226 crores in the F&O Markets. Mutual Funds were net sellers of Rs.
22 crores. As per the provisional figures, FIIs were net sellers of Rs.
142 crores in the cash market on Friday, while they were net sellers of
Rs. 774 crores in the F&O markets.

Today, we expect the Markets to open gap up following positive global cues.
However,
it could witness intra-day profit taking at higher levels. Among the
indices Banks, Capital Goods, Metals, FMCG & IT are looking good
& could outperform.

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Markets rally on the back of strong global cues

11 Aug 2008 | 18:07



Markets
rally on the back of strong global cues The markets opened higher on
Monday morning on the back of strong global cues and continued to trade
at higher levels through the day.



Markets
rally on the back of strong global cues The markets opened higher on
Monday morning on the back of strong global cues and continued to trade
at higher levels through the day. Shares in banking and other interest
rate sensitive sectors rallied. Buying was broad based, yet, software
shares remained subdued throughout the session. US markets closed
higher on Friday on the back of a stronger dollar and falling crude
prices. European markets, which opened after Indian markets were also
trading firm.

While the Sensex closed up 336.1 points or 2.22%
at 15,504, the Nifty gained 90.9 points or 2.01% at 4620.40. The broad
market indices also ended higher but to a lesser extent as the BSE
Midcap and Smallcap index gained 1.63% and 1.25% respectively. The
market breath was positive, as A/D ratio was about 1.8:1 on the BSE.
Turnover on the NSE for Monday was Rs.12,437.81 crs Vs.
Rs.12,533.48crs. last Friday.

Sectorally, barring the BSE IT,
Consumer Durables and Healthcare index that ended on a flat note, all
the BSE Sectoral indices ended higher. The BSE Realty and Bankex gained
5.27% and 4.16% respectively. Gainers from the BSE-30 were Jaiprakash
Associates, Rel Infra, ICICI Bank, Maruti Suzuki and SBI. The losers
from the Sensex pack included Sterlite Inds, TCS, Tata Steel and
Infosys.

After consolidating for three sessions, markets have
broken out of the narrow range they were trading in and now seem to be
headed higher in the coming sessions. The main indices are also
approaching the 200 day Exponential moving averages which correspond to
the 4736 levels on the Nifty. Markets could therefore find resistance
at these levels. We continue with our strategy of holding on to
existing positions with trailing stops to protect profits already
earned. A go-slow approach is recommended towards fresh positions as
markets are approaching some strong resistances.

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Markets could open flat to up & run into profit taking. IIP data for the month of June will be keenly watched

12 Aug 2008 | 10:18



Markets could open flat to up & run into profit taking. IIP data for the month of June will be keenly watched



The
Indian Markets closed on a strong note on Monday with the BSE Sensex
closing at 15503.9, up by 2.2% over Friday’s close. The Nifty opened
gap up & maintained its strength through the day. It made an
intra-day high of
4625.2 towards the end of the session, before
closing at 4620.4, up by 2% over Friday’s close. The NSE cash turnover
stood at Rs. 12438 crores in comparison to Rs. 12533 crores on Friday.
The market breadth was positive on BSE with the advance-decline ratio
of 2:1. Among the sectoral indices, Realty, Banks & Oil & Gas
were the major gainers, which increased by 5.3%, 4.2% & 2.9%
respectively. However, Consumer Durables & IT looked weak, which
fell marginally by 0.1% each.

On Monday, the U.S. markets ended
higher as oil prices closed lower for a sixth day, improving prospects
for consumer and business spending. Dow Jones & Nasdaq increased by
0.4% & 1.1% respectively. The Indian ADRs ended in the green except
Infosys, which fell by 0.4%. Wipro & Satyam increased by 1.8%, 2.5%
respectively. ICICI & HDFC Bank increased by 1.5% & 1%
respectively. Tata Communications increased by 1.5%. Among the Latin
American markets, the Mexican market decreased by 0.7%, while Brazilian
market decreased by 3.3%. Among the metal prices, Aluminium, Copper
& Zinc fell by 0.4%, 0.7% & 2% respectively. The light crude
oil for September decreased by 0.7% to settle at $114.45 a barrel.
Today, the Asian Markets are trading down with Nikkei & Hang Seng
index trading down by 0.7% & 0.1% respectively. Shanghai is trading
down by 0.8%.

On Friday, the FIIs were net buyers of Rs. 79
crores in the cash market, while they were net sellers of Rs. 773
crores in the F&O Markets. Mutual Funds were net sellers of Rs. 131
crores. As per the provisional figures, FIIs were net buyers of Rs. 281
crores in the cash market on Monday, while they were net buyers of Rs.
816 crores in the F&O markets.

Today, we expect the Markets
to open flat to up & run into profit taking at higher levels. IIP
Data for the month of June will be keenly watched today.
Among the indices, Oil & Gas & Power are expected to do well.

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Markets could open down & remain weak following negative global cues

13 Aug 2008 | 10:14



Markets could open down & remain weak following negative global cues



The
Indian Markets witnessed profit taking on Tuesday with the BSE Sensex
closing at 15212, down by 1.9% over Monday’s close. After opening
marginally up, the Nifty started showing signs of weakness. It
corrected through the day, making an intra-day low of 4525.8 before it
closed at 4552.3, down by 1.5% over Monday’s close. The NSE cash
turnover stood at Rs. 13927 crores in comparison to Rs. 12438 crores on
Monday. The market breadth was negative on BSE with the advance-decline
ratio of 2:3. Among the sectoral indices, only FMCG index outperformed,
increasing by 0.7%.
However, Metals, Banks & IT indices were the major losers, which fell by 3.6%, 3.4% & 2.8% respectively.

The
U.S. markets fell on Tuesday, as bank shares tumbled on fresh worries
about the economy and further losses stemming from the mortgage crisis.
Dow Jones & Nasdaq decreased by 1.2% & 0.4% respectively. The
Indian ADRs ended in the red with Infosys, Wipro & Satyam
decreasing by 3.3%, 3.2% & 4.5% respectively. ICICI & HDFC Bank
decreased by 8.2% & 5.3% respectively. Tata Motors decreased by
3.7%. Among the Latin American markets, the Mexican market decreased by
1.1%, while Brazilian market decreased by 0.4%. Among the metal prices,
Aluminium & Copper fell by 1.5% & 2% respectively, while Zinc
& Nickel fell by 0.4% & 1.7% respectively. The light crude oil
for September decreased by 1.3% to settle at $113 a barrel. Today, the
Asian Markets are trading down with Nikkei & Hang Seng index
trading down by 2.2% & 1% respectively. Shanghai is trading down by
2.2%.

On Monday, the FIIs were net buyers of Rs. 410 crores in
the cash market, while they were net buyers of Rs. 816 crores in the
F&O Markets. Mutual Funds were net buyers of Rs. 455 crores. As per
the provisional figures, FIIs were net sellers of Rs. 687 crores in the
cash market on Tuesday, while they were net sellers of Rs. 864 crores
in the F&O markets.

Today, we expect the Markets to open down & remain weak following negative
global cues. Any positive outcome from SEBI boardmeeting today could
improve the market sentiments towards the end. Banks, IT, Capital Goods & Metals are looking weak & could underperform.

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Markets end lower for the second consecutive session

13 Aug 2008 | 17:30



Markets
end lower for the second consecutive session Markets opened lower on
Wednesday morning and tried to recover during the day but the recovery
was not sustainable.



Markets
end lower for the second consecutive session Markets opened lower on
Wednesday morning and tried to recover during the day but the recovery
was not sustainable. Post noon, the markets once again slipped into the
red and closed the day in the negative. Global cues were weak due to
renewed concerns in the US financial space.

While the Sensex closed down 119 points or 0.78% at 15,093, the Nifty lost
23.2
points or 0.51% at 4529. The broad market indices ended mixed. While
the BSE Midcap ended 0.1% lower, the Smallcap index gained 0.13%. The
market breath was flat, as A/D ratio was about 0.9:1 on the BSE.
Turnover
on the NSE for Wednesday was Rs.12,052.24crs. Vs. Rs.13,926.59 cr
yesterday.

Barring
the BSE IT, Healthcare and FMCG indices all the other BSE Sectoral
indices ended in the red. The biggest losers were the Capital Goods,
Realty and Bankex indices that lost 1%, 1.3% and 2.23% respectively.
Gainers from the BSE-30 were Sterlite Inds, Infosys, TCS, Satyam and
NTPC. The losers from the Sensex pack included ICICI Bank, HDFC Bank,
DLF, Rel Infra and HDFC.

The markets seem to be consolidating at
current levels. Important supports to watch on the Nifty are at
4450-4430, as a close below these levels could lead to a testing of the
4350 levels. On the upside, resistance is at 4570-4600.

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Markets end in the red for the third day in a row

14 Aug 2008 | 17:42



Markets
end in the red for the third day in a row The markets opened lower on
Thursday morning and traded in a lackluster fashion for most of the day
to finally close near the lows of the day.202



Markets
end in the red for the third day in a row The markets opened lower on
Thursday morning and traded in a lackluster fashion for most of the day
to finally close near the lows of the day.
Global cues were weak due
to renewed concerns in the US financial space and an increase in crude
prices. The much awaited inflation data should be out this evening.

While the Sensex closed down 369 points or 2.44% at 14,724, the Nifty lost
98.4
points or 2.17% at 4431. The broad market indices too ended lower as
the BSE Midcap and Smallcap index lost 1.79% and 1.65% respectively.
Market breath was pathetic, as A/D ratio was about 0.4:1 on the BSE.
Turnover on the NSE for Thursday was Rs. 11018.75 versus Rs. 12052.24
cr yesterday.

Barring the BSE IT and Healthcare indices, all the
BSE Sectoral Indices ended in the red. The biggest losers were the
Capital Goods, Bankex and Realty indices that lost 3.7%, 5% and 8%
respectively. Gainers from the BSE-30 were Infosys, Tata Power, Satyam,
Sterlite and Tata Steel. The losers from the Sensex pack included DLF,
Jaiprakash Associates, Rel Infra, SBI and ICICI Bank.

With the
markets now correcting for three consecutive sessions, traders need to
keep a watch for the 4360 support levels on the Nifty. A close below
these levels could lead to a further decline and possibly a testing of
the 4270-4170 levels. We recommend a go slow approach on fresh longs
till we see evidence of strength emerging.

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Markets could open flat, fall marginally and recover from the lows

18 Aug 2008 | 10:05



Markets could open flat, fall marginally and recover from the lows



The
Indian Markets witnessed strong selling on Thursday, closing deep in
the red. The BSE Sensex closed at 14,724, down by 2.4% over Wednesday’s
close. After opening gap down, the Nifty remained weak through the day.
It made an intra-day low of 4,421.25 towards the end, before closing at
4,430.7, down by 2.2% over Wednesday’s close. The NSE cash turnover
stood at Rs. 11,019 crores in comparison to Rs. 12,052 crores on
Wednesday. The market breadth was negative on BSE with the
advance-decline ratio of 0.4:1.
Among the sectoral indices, IT &
TECk outperformed, increasing by 2.2% & 0.4% respectively. However,
Realty & Banks indices were the major losers, which fell by 8%
& 5.1% respectively. The markets remained closed on Friday, 15
August 2008 on account of Independence Day.

The U.S. markets
witnessed a consolidation phase last week before closing slightly in
the positive by 0.38% on Friday. The continued strength in the dollar
and weakness in the commodities led to the sideways movement. The
Nasdaq also ended flat by 0.1%. It was a mixed day for the Indian ADRs
wherein Infosys, Dr Reddy’s, Tata Motors and HDFC Bank gaining by
0.35%, 0.57%, 0.3% and 0.82% respectively. The losers in the ADRs were
MTNL, Satyam Computers, ICICI Bank and Wipro, falling 1.91%, 1.25%,
0.95% and 0.51% respectively. Among the Latin American markets, the
Mexican market increased by 0.34%, while Brazilian market fell by
1.62%. All the metal prices were in negative with Copper & Nickel
losing 4.21% and 3.29% each respectively. Aluminium & Zinc fell by
1.64% & 0.03% respectively. The light crude oil for September fell
by 1.24% to settle at $113.77 a barrel.
Today, the Asian Markets are
trading mix with Nikkei up by 1.77%, while Hang Seng and Straits Times
trading in negative by 0.94% and 0.23% respectively.

On
Wednesday, the FIIs were net sellers of Rs. 646.3 crores in the cash
market. As per the provisional figures, FIIs were net sellers of Rs.
574 crores in the cash market on Thursday, while they were net sellers
of Rs.
676 crores in the F&O markets.

Today, we expect
the Markets to open flat, following weak global cues but could recover
during the day. However, it could recover from the lows during the day.
Healthcare and IT could do well today.

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Markets end in the red after a volatile session The markets opened lower on Monday morning on the back of weak global cues.

18 Aug 2008 | 18:13

Markets end in the red after a volatile session The markets opened lower on Monday morning on the back of weak global cues. The markets tried to recover during the day but selling pressure pulled the key indices lower and the markets finally closed in the red. Inflation numbers which were released post the markets closing on Thursday, rose 12.44% for the week ended 2 August 2008, a 16-year high propelled by rise in the cost of pulses, fruits, spices and aviation turbine fuel. The Indian rupee fell for a fifth day, the longest losing streak in more than eight months, on speculation refiners stepped up purchases of crude oil. While the Sensex closed down 78.52 points or 0.53% at 14,645.66, the Nifty lost 37.65 points or 0.85% at 4393. The broad market indices also ended lower as the BSE Midcap and Smallcap index lost 0.71% and 1.04% respectively. The market breath was weak, as A/D ratio was about 1:1.8 on the BSE. Turnover on the NSE for Monday was Rs.9357crs versus Rs.11,019 cr on last Thursday. Barring the BSE IT index, all the BSE Sectoral Indices ended in the red. The biggest losers were the Oil & Gas, Power and Metal indices that lost more that 1.5% each. Gainers from the BSE-30 were HDFC, HDFC Bank, Satyam, L&T and TCS. The losers from the Sensex pack included Hindalco, Grasim, Rel Comm, M&M and ACC. The markets have now corrected for the fourth consecutive session. Traders need to keep a watch for the 4360 support levels on the Nifty. A close below these levels could lead to a further decline and possibly a testing of the 4270-4170 levels. We continue with our strategy of adopting a go slow approach on fresh longs till we see evidence of strength emerging.

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