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Sharekhan Pre-Market Report dated September 26, 2008

Thursday, September 25, 2008

 
.
Market may remain volatile

Overnight gain in US indices & negative ongoing Asian indices may keep market volatile.

After witnessing a sharp intra-day volatile trend due to lack of clarity may see the market remain edgy and move on the either side of the zone. Ongoing negative trend at the Asian markets and rise in crude oil prices could drag down the local indices in early trades. The Nifty could test higher levels at 4150 and may find supports at 4070 or 4040, while the Sensex has a likely support at 13400 and may face resistance at 13700. 

US indices rallied Thursday on news that a group of key lawmakers have essentially agreed on terms of the $700 billion bank bailout plan, following days of heated debate. The Nasdaq advanced 31 points to 2187, the Dow Jones was up 197 points at 11022.

All of the Indian ADRs traded firm on the US bourses except ICICI Bank. VSNL led the pack with gains of 16.94% followed by Rediff oared by 6.05% and Wipro advanced 5.39%. While MTNL, Satyam, Infosys and Dr Reddy gained around 1-4% each. However, Tata Motors, HDFC Bank and Patni Computers ended with marginal gains.

Crude oil prices in the overseas market gained with the Nymex light crude oil for October series advanced by $2.29 to close at $108.02 a barrel and in the commodity space, the Comex gold for December delivery lost by $13 to settle at $882 respectively.

Daily trend of FII/MF investment in equities 
On September 24, 2008, FIIs were net sellers of stocks to the tune of Rs174 crore (purchases worth Rs3,506 crore and sales of Rs3,680 crore) while domestic mutual funds were net buyers of stocks to the tune of Rs31 crore (purchases worth Rs654 crore and sales of Rs623 crore).

 INDICES SNAPSHOT
ASIAN INDICES at 09:20 IST on Sep 26, 2008
Index Level Change(pts) Change(%)
Nikkei 11983.34 -23.19 -0.19
Hang Seng 18671.43 -263.00 -1.39
Kospi Index 1480.57 -21.06 -1.40
Straits Times 2421.91 -22.33 -0.91
Jakarta Composite 1851.80 -18.25 -0.98
EUROPEAN INDICES at close on Sep 25, 2008
FTSE 100 5197.02 101.45 1.99
CAC 40 Index 4226.81 - -
Dax Index 6173.03 120.16 1.99
US INDICES at close on Sep 25, 2008
Dow Jones 11022.06 196.99 1.82
Nasdaq 2186.57 30.89 1.43
PRE-MARKET COMMENTARY
Sep 26, 2008| Market round-up, 9:45 IST
STOCK TO WATCH TODAY
RIL
INFOSYS
L&T
BHEL
SATYAM
 

INDIAN ADRs

Company Last Close %Change
Infosys 34.24 1.66
Satyam 18.05 3.20
Wipro 10.55 5.39
Dr.Reddy's 11.85 1.11
Tata Motors 8.61 0.47
ICICI Bank 27.44 -1.12
HDFC Bank 95.34 0.72
MTNL 4.44 4.96
VSNL (TCL)* 23.75 16.94
Rediff 4.56 6.05
Patni Comp 8.53 0.59


 

 

 


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posted by www.OnlineEquityCalls.com @ 8:56 PM  

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