Q2 numbers to set the tone, as the Sensex looks to consolidate =================================================== Stocks on Dalal Street are likely to consolidate at the current levels after the Sense dipped below 10,000 levels for the first time two years. Expect the Sensex to to trade in a narrow band with a positive bias. There is a strong possibility that the Sensex closes above the 10,000.00 level.
Meanwhile we have seen a series of bail outs this weekend as the Dutch government intervened with a $ 13.4 billion capital infusion in to ING the biggest financial firm in Netherlands. In a separate development,South Korea sought to rescue its financial system by guaranteeing $100 billion of lenders' foreign-currency debts and providing $30 billion in U.S. dollars to banks. Nikkei opened in positive territory and gained nearly 80 points or one percent. Our friendly neighbor Pakistan might be in big trouble as the the country might be facing the risk of default on its debt obligations. There is a strong possibility that IMF might give a helping hand to avoid a major crisis. In what could be a good news to the firms in Agri Commodity space, the government may ease restrictions on overseas sales of rice, edible oils and cotton next month as local stockpiles swell and global prices slump.In a key change in its stance, the Securities and Exchange Board of India is mulling on banning short sales to stop further fall in the market. Jet Airways will be stock to watch today as it is expected to report Q2 numbers which are likely to be below market expectations.The stock lost nearly 44 percent in the past month on news of layoffs and a sharing agreement with Kingfisher Airlines. Aviation as a sector doesn't look attractive as the the funds have dried up due to the credit crisis and things might get better if Oil continues to fall. This is week is a busy week as lot of companies will be on deck with their Q2 numbers. some of the prominent companies reporting their number include, Geometric Software, Idea Cellular, Rolta and Omnitech Info, Canara Bank, Petronet LNG and Jet Airways. Overall we might see a positive day as valuations are looking attractive at current levels. We see the market stabilizing at the current levels before taking a decisive path. N.Sukumar 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 -~----------~----~----~----~------~----~------~--~---
