ShareKhan Newsletter Blog

Sunday, August 16, 2009

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Market may resume weak

Caution should be exercised as the the market may move in tandem with weak Asian indices.

The market is monitoring the international markets for further direction and the weakness across the global markets may drag down the local indices. The market may open in negative territory following the slump in Asian markets in morning trades. However, after posting significant gains in last week sessions, buying interest may continue on the back of firm trend. Among the key local indices, the Nifty has good support around 4520-4460 levels and upside till 4620-4660 levels. The Sensex has a likely support at 15219 and may face resistance at 15545.

US indices slipped on Friday with the Dow ended lower at 9321 down 77 points, while the tech-laden Nasdaq declined to close 24 points lower at 1986.

Barring few select floats, most of the Indian ADRs posted loss on the US bourses. Infosys, Satyam, Wipro, Tata Motors, ICICI Bank and Dr Reddy lost nearly 1-3% each, Among the select gainers VSNL gained the most and moved up over 1.88% while HDFC Bank and Patni Computers ended with decent gains.

Crude oil prices in the international market edged lower, with the Nymex light crude oil for September delivery lost by $3.01 to close at $67.51 per barrel. In the commodity space, the Comex gold for December series declined $7.80 to settle at $948.70 a troy ounce.

Daily trend of FII/MF investment in equities
While domestic mutual funds were net buyers of stocks to the tune of Rs471 crore (purchases worth Rs1123 crore and sales of Rs652 crore).

INDICES SNAPSHOT

ASIAN INDICES at 09:20 IST on AUGUST 17, 2009

Index Level Change(pts) Change(%)
Nikkei 10360.25 -237.08 2.24
Hang Seng 20311.48 -581.85 -2.78
Kospi Index 1569.44 -21.97 -1.38
Straits Times 2579.16 -35.02 -1.34
Jakarta Composite 2386.86 -9.65 -0.40

EUROPEAN INDICES at close on AUGUST 14, 2009

FTSE 100 4713.97 -41.49 -0.87
CAC 40 Index 3495.27 -29.12 -0.83
Dax Index 5309.11 -92.00 -1.70

US INDICES at close on AUGUST 14, 2009

Dow Jones 9321.40 -76.79 -0.82
Nasdaq 1985.52 -23.83 -1.19

PRE-MARKET COMMENTARY

AUGUST 17, 2009| Market round-up, 9:45 IST

STOCK TO WATCH TODAY
AXISBANK
BHEL
RIL
L&T
ICICIBANK

INDIAN ADRs

Company Last Close %Change
Infosys 41.90 -2.19
Satyam 5.50 -1.96
Wipro 15.41 -1.53
Dr.Reddy's 16.46 -0.72
Tata Motors 11.53 -3.51
ICICI Bank 30.77 -2.93
HDFC Bank 97.04 0.59
MTNL 3.96 -3.65
VSNL (TCL)* 20.59 1.88
Rediff 3.05 -3.45
Patni Comp 16.29 0.93

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posted by Anonymous @ 11:18 PM

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