Cracks in Wall Street likely to spread to Dalal Street Stocks in India are ready to get slammed once again as the weakness in global markets might effect the sentiment. There is a good chance that the Sensex will break 13,000 level in today's trade.
U.S. stocks were slammed hard again on Wednesday, with the Dow Jones Industrial Average skidding to its lowest close since late 2005, as tightening credit conditions intensified fears about further failures in the financial sector.The Dow Jones Industrial Average fell 4.1%. and S&P lost nearly 4.9 percent for the day. Nasdaq registered its second triple digit loss since Sept 2001. Washington Mutual, the nation's largest thrift, has put itself up for sale, the New York Times reported on Wednesday.JP Morgan, Wells Fargo and HSBC are expected to be in the fray.Japanese stocks tumbled early Thursday, hit hard by worries about global financial markets and after Wall Street suffered steep losses overnight, with banks like Sumitomo Mitsui Financial Group.The Nikkei 225 Average lost 3.2% to 11,375.81. Look for some more pain in ICICI Bank as things are obscure on kind of exposure that the bank has to the global markets . Expect nearly a 5 to 6 percent hair cut to the stock. Meanwhile Ranbaxy seems vulnerable as the stocks has been hit by slew down grades after the FDA imposed restriction on nearly half of the products manufactured by the company citing sub par manufacturing practices. Banking, Realty and metal stocks might continue their slide. There might be some relief for the oil&Gas stocks like ONGC and Cairn India as Oil moved up by nearly $ 6 in Nymex. Airline stock might witness some pressure for the same reason. The fundamentals of Indian market are intact, but stocks might witness some pressure in short term as there are no buyers in the market and this is causing a steep fall in the stock prices inspite of decent valuations. Suitable Stocks for intraday today: <ICICIBANK, RELIANCE, SBIN, BHEL, RELINFRA, ONGC, AXISBANK, TATASTEEL, RCOM, PNB> Market Close Box: BSE Sensex 13262.90 -255.90 NSE Nifty 4008.25 -66.65 USD Rs.46.34 Oil Nymex $97.16 B.Karthick Research Analyst. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
