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Sharekhan Pre-Market Report dated July 29, 2008

Monday, July 28, 2008

 
.
Market may open negative

Market may open weak on the back of sharp fall in the global indices and the continued selling pressure in the domestic market. 

The market is likely to remain under pressure after a sharp fall in the US market and weakness among major Asian indices in the ongoing trades. FIIs remaining net sellers in equities for last couple of sessions may help the sentiment to remain negative. Among the domestic indices, the Nifty could test lower levels of 4250 and may rise to 4350 - 4400 levels on the upside. The Sensex has a likely support at 14100 and may face resistance at 14500.

US indices fell sharply on Monday, with the Dow Jones lost tumbled 240 points to close at 11,131, the Nasdaq also ended weak with a loss of 46 points at 2264. 

All Indian ADRs also had a weak outing on Monday. Rediff was the major loser amongst the ADRs and declined 10.74% followed by VSNL which tumbled 9.34% , ICICI Bank down 8.44% and Tata Motors tumbled 6.63%, while Dr Reddy, HDFC Bank, Satyam, Infosys, Wipro, MTNL and Patni Computers shed around 1-4% each. 

Crude oil prices gained marginally, with the Nymex light crude oil for September delivery moved up by $1.47 to close at $124.73 a barrel. In the commodity space, the Comex gold for August series gained 90 cents to settle at $937.80 a troy ounce. 

Daily trend of FII/MF investment in equities 

On July 25, 2008, FIIs were net sellers of stocks to the tune of Rs546.30 crore (purchases worth Rs2,954.60 crore and sales of Rs3,501 crore) while domestic mutual funds were net sellers of stocks to the tune of Rs485.30 crore (purchases worth Rs796.30 crore and sales of Rs1,281.60 crore).

 INDICES SNAPSHOT
ASIAN INDICES at 09:20 IST on July 29, 2008
Index Level Change(pts) Change(%)
Nikkei 13066.44 -287.34 -2.15
Hang Seng 22125.79 -561.42 -2.47
Kospi Index 1547.24 -51.05 -3.19
Straits Times 2868.94 -41.42 -1.42
Jakarta Composite 2250.63 -25.03 -1.10
EUROPEAN INDICES at close on July 28, 2008
FTSE 100 5312.60 -40.00 -0.75
CAC 40 Index 4324.45 -52.73 -1.20
Dax Index 6351.15 -85.56 -1.33
US INDICES at close on July 28, 2008
Dow Jones 11131.08 -239.61 -2.11
Nasdaq 2264.22 -46.31 -2.00
PRE-MARKET COMMENTARY
July 29, 2008| Market round-up, 9:45 IST
STOCK TO WATCH TODAY
BOB
BEL
BOMDYECO
GAIL
RANBAXY
 

INDIAN ADRs

Company Last Close %Change
Infosys 37.80 -1.31
Satyam 20.53 -2.70
Wipro 10.70 -2.19
Dr.Reddy's 14.59 -4.01
Tata Motors 9.43 -6.63
ICICI Bank 29.38 -8.44
HDFC Bank 80.42 -3.12
MTNL 5.11 -2.48
VSNL (TCL)* 19.12 -9.34
Rediff 5.65 -10.74
Patni Comp 10.79 -1.10



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posted by www.OnlineEquityCalls.com @ 8:51 PM  

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