Markets looks shaky, as investors become apprehensive about the financial markets
Stocks look for a lower open as investors are getting apprehensive about the future of the equity markets. Expect the market to lose nearly 150 points or nearly 1 percent for the day. Things got worse on Wall Street as volatility swept the financial markets again Monday as investors grew nervous about an amorphous government plan to buy $700 billion in banks' mortgage debt.The Dow fell 372.75, or 3.27 percent, to 11,015.69 and the Nasdaq composite index fell 94.92, or 4.17 percent, to 2,178.98. Asian stocks are expected to open lower following the trend in the US markets. Oil prices briefly spiked more than $25 a barrel Monday, shattering the record for the biggest one-day gain as short covering led to the sky rocketing price on the last day of the October Contract. The November contract ended the day at $ 109.37. Coming to the domestic markets the Government liberalised the external commercial borrowings policy. This will allow infrastructure companies to avail themselves of borrowings of up to $500 million a year, as against the existing limit of $100 million, for rupee expenditure under the approval route. Although this looks like a good move, it will not be good enough to boost the sentiment in Infra Structure stocks.Ranbaxy Laboratories continues to have a cascading regulatory effect, with the Canadian drug regulator and the German regulator decided to be particularly cautious about drug marketing applications from the drug company. We advise investors to sit on the sidelines till the volatility subsides in the market. If you plan on investing for the long run, just stick to fundamentally strong stocks and accumulate in a disciplined way in small lots. Stay away from banking and realty sectors. May it is time to take a second look at the commodity stocks. Suitable stocks for intraday today: <ICICIBANK, LT, BHEL, KOTAKBANK, STER, JINDALSTEL, MARUTI, SUNPHARMA, TATASTEEL, ABAN> Market Close Box: BSE Sensex 13994.96 -47.36 NSE Nifty 4223.05 -22.20 USD Rs.45.40 Oil Nymex $120.0 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 -~----------~----~----~----~------~----~------~--~---
