Markets look to move up with cautious optimism Sep 22, 2008 Stocks in India look to have a positive opening and will look to consolidate after a gain of more than 5 percent for the sensex on Friday. Expect for a 1 to 2 percent move on the Senssex in today's trade.
Meanwhile US Treasury Secretary Henry Paulson asked lawmakers to act quickly on a rescue plan for U.S. markets, saying that it's urgently needed to stabilize the financial system and protect the economy and taxpayers. So we might see some clarity on the plan soon. Japan will likely get a new prime minister this week and the Nikkei is expected to rally this week after the news is out.Shanghai Composite is also likely to inch up on news that the government might take some measure to aid the ailing stock markets.The futures in all Asian markets are pointing north suggesting a bullish mood across the globe. Crude oil fell for the first time in four days as Nigerian militants stopped attacks on oil facilities. Crude Oil futures after gaining 15 percent in the last 3 days have given back a percent to settle at $ 103.69 for October delivery. The news flow over the weekend from the Indian corporates are very impressive and might help in holding the momentum from last week. RIL stock might be on the limelight today as the company, aims to supply more than 40 percent of the nation's requirement of oil and gas in about 18 months. On the Other hand Essar Steel Holdings Ltd which acquired Minnesota Steel Industries LLC last year, plans to invest $4 billion to expand its operations in North America. Rupee is likely to strengthen against dollar on the news of a bail out plan by the US government, which might weaken the greenback. The stock of Ranbaxy might recover some ground as news reports suggest that the government might take up the issue of the ban imposed by the FDA on the company's drugs.All pointers indicate a positive opening for the index and RIL is the scrip to watch out among the index based stocks. Market Close Box: BSE Sensex 14042.32 726.72 NSE Nifty 4245.25 207.10 USD Rs.46.32 Oil Nymex $104.5 K.Karthik Raja Research --~--~---------~--~----~------------~-------~--~----~ 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 -~----------~----~----~----~------~----~------~--~---
