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Sharekhan Pre-Market Report dated March 09, 2009

Sunday, March 8, 2009

 
.
Market may move sideways

The presence of sharp intra-day volatility and mixed Asian markets indicate caution.

The presense of 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. US markets end flat coupled with a negative Asian indices trend in the present trades could drag down the local indices in early trades. The Nifty could test higher levels at 2660 and may find supports at 2580 or 2540, while the Sensex has a likely support at 8175 and may face resistance at 8475. 

Major US indices finished flat on Friday, the Dow Jones advanced by 33 points at 6627, the Nasdaq moved down by 6 points to close at 1294.

All the Indian ADRs traded firm on the US bourses except MTNL. Satyam led the pack with gains of over 13.53% followed by Patni Computers with the gain of 10.22% while, VSNL, Rediff, HDFC Bank, ICICI Bank, Dr Reddy's, Infosys jumped over 1-7% and Tata Motors and Wipro closed with the marginal gains.

Crude oil prices in the overseas market gained, with the Nymex light crude oil for April series sliding by $1.91 to close at $45.52 a barrel and in the commodity space, the Comex gold for April delivery rised by $14.90 to settle at $942.70 an ounce. 

Daily trend of FII/MF investment in equities
On March 05 2009, FIIs were net sellers of stocks to the tune of Rs609 crore (purchases worth Rs1,495 crore and sales of Rs2,2104 crore) while domestic mutual funds were net sellers of stocks to the tune of Rs219 crore (purchases worth Rs373 crore and sales of Rs592 crore).

Stocks with positive bias: Axis Bank, Hindalco, Tisco

Stocks with negative bias: Ibulls realestate.

Stocks for investments:RIL, BEL, Bhel, Crompton

 INDICES SNAPSHOT
ASIAN INDICES at 09:20 IST on MARCH 09, 2009
Index Level Change(pts) Change(%)
Nikkei 7115.19 -57.91 -0.81
Hang Seng 11738.39 -183.13 -1.54
Kospi Index 1056.09 1.06 0.10
Straits Times 1486.18 -26.94 -1.78
Jakarta Composite 1286.69 -1.38 -0.11
EUROPEAN INDICES at close on MARCH 06, 2009
FTSE 100 3530.73 0.87 0.02
CAC 40 Index 2534.45 0 0
Dax Index 3666.41 -29.08 -0.79
US INDICES at close on MARCH 06, 2009
Dow Jones 6626.94 32.50 0.49
Nasdaq 1293.85 -5.74 -0.44
PRE-MARKET COMMENTARY
MARCH 09, 2009| Market round-up, 9:45 IST
STOCK TO WATCH TODAY
HINDALCO
TISCO
AXISBANK
RIL
BEL
 

INDIAN ADRs

Company Last Close %Change
Infosys 23.32 1.66
Satyam 1.51 13.53
Wipro 5.56 0.54
Dr.Reddy's 7.74 1.84
Tata Motors 3.43 0.88
ICICI Bank 10.37 2.07
HDFC Bank 47.71 2.10
MTNL 2.40 -2.04
VSNL (TCL)* 16.15 7.81
Rediff 1.47 2.08
Patni Comp 4.96 10.22

 

 

 


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