Sensex to test the 11,000 mark, as investors look for bargains Stocks on Dalal Street are likely to open higher and celebrate Obama's victory with a 2 to 3 percent gain for the day. Watch out for IT stocks, as they have underperformed other sectors on fears for a cut down in outsourcing following Obama's presidency.
U.S. stocks rallied Tuesday as millions of Americans cast ballots to determine whether Republican John McCain or Democrat Barack Obama wins the presidency.After surging as much as 330 points, the Dow Jones Industrial Average ended at 9,625.28, up 305.45 points, or 3.3%. Asian stocks started off with a bang inspired by the rally in US markets. Japan's Nikkei gained nearly 3 percent in the opening trade even though the gross domestic fell 0.4% in September compared with the previous month, marking a second consecutive monthly decline. State-owned commercial banks have agreed to cut benchmark prime lending rates 0.75 percentage points to fuel growth. The decision came out after 28 bank chairmen met Finance Minister P Chidambaram last night. While street started partying, there is a slew of news flowing from corporate world regarding the lay offs. Cell phone major Motorola, Reliance Ind and Satyam were among the prominent companies that have announced lay offs this week. The stock of Sun Pharma might see some pressure as there are news report that US FDA might be looking to conduct quality checks in some of its facilities and have already shut down one of its manufacturing arm in Detroit. Realty stocks might take a breather as the leadership might turn to other sectors like Engineering and Commodity stocks.Cairn India is our favorite for the day as the stock has great value and might see some early action as the crude prices firmed up on Nymex today. Market Close Box: BSE Sensex 10631.12 293.44 NSE Nifty 3142.10 98.25 USD Rs.48.62 Oil Nymex $70.16 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 -~----------~----~----~----~------~----~------~--~---
