Stocks look to recover as valuations look compelling Stocks look to bounce as investors try to digest the financial crisis and will try to concentrate more on the domestic economy. Expect the Sensex to recover atleast 100 points in today's trade.
Financial markets extended their declines Tuesday as investors worried that lawmakers were beginning to doubt the necessity of a broad government bailout for financial institutions as a way to revive ailing credit markets. The Dow lost nearly 1.47 percent, where as the NASDAQ gave up 1.18 percent. Meanwhile Berkshire Hathaway agreed late Tuesday to invest at least $5 billion in Goldman Sachs Group, with billionaire investor Warren Buffett backing a Wall Street firm that's begun transforming itself into a more-stable banking business. The Asian markets opened flat to negative in the opening trade. The Japanese Benchmark Nikkei is trading 0.5 percent lower at the open. The government is considering a proposal, first raised in 2004, to liberalise norms governing foreign institutional investors (FIIs) by removing them from the ambit of sectoral limits on foreign investment.sectors with composite caps which see administrative control like telecommunication services, broadcast services like direct-to-home and FM radio will benefit. ENIL, NDTV, TV Today Network, BAG Films and Sun TV may be direct beneficiaries of show this move. Moserbaer after a strong move on Friday might spike again as the company raised more than 400 crores by selling stake in its photo- voltaic subsidiary. Ranbaxy is likely to come under pressure for the third day in a row as the company's AIDS drug might come under the radar spelling trouble for the company. Yesterday's trade has seen some movement in the commodity stocks and they might take a breather today. Watch out for select bank stocks. We like ICICI Bank and the stock might see a decent move after losing nearly 6 percent on Monday.OnMobile Ltd, Aftek, Syndicate Bank and Sasken Communications look technically strong and are worth keeping on the watch list. Market Close Box: BSE Sensex 13563.96 -431.00 NSE Nifty 4126.90 -96.15 USD Rs.45.72 Oil Nymex $106.6 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 -~----------~----~----~----~------~----~------~--~---
