Sensex likely to finish in green on the last trading day of the week Stocks look to bounce back after a decent pull back from lows yesterday. A late rally in US equities and a over sold market might prompt nearly a 2 to 3 percent jump in the Sensex.
Japan's stocks rallied gained nearly 2 percent after a 23 percent decline in the past month made shares cheap and prospects for a bailout of bond insurers spurred a late rally in New York. Wall Street turned in another stunning finish Thursday and extended its unprecedented streak of volatility this time, to the upside as the Dow Jones industrials ended up 400 points, after falling 380 early in the session last hour wave of buying. Crude oil rebounded above $70 a barrel, halting a 14 percent price slide over the past three days, as U.S. stocks rose in a late rally.Crude oil for November delivery rose $2.85, or 4.1 percent, to $72.70 a barrel on NYMEX. The government today has announced that all the public sector undertakings (PSUs) have been directed not to press redemptions from public sector mutual funds as it could lead to further panic in the market. If we take a look at the losers over the past month among the Nifty fifty stocks shows that majority of the losers are concentrated in commodity and engineering space. Tata Steel, Hindalco and Sterlite lost more than 40 percent in less than 20 trading sessions. Media and pharma are seen as safe bets in the current market. We like Sun TV, HT Media and Deccan Chronicle as value plays from a long term perspective. We might see a strong open may be a 200 to 300 point gain in the open and thing might consolidate from there through out the day. It is safe to assume that the market won't close in red. So as always, there is nothing much for the Short term traders here. Long term investors though could start buying at the current levels.We predict equities to give 35 to 40 percent return in the next 20 - 24 months. 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 -~----------~----~----~----~------~----~------~--~---
