Bears back in business, Sensex set to fall
===============================
Stocks in India are set to decline for the second day in a row, as
concerns of a turmoil came back to haunt the market. Bears are likely
to get back in to business as selling is likely to intensify in
today's trade. Expect a the Sensex to slump nearly 3 to 4 percent on
opening bell.
U.S. stocks hastened their sharp declines, erasing the largest
Election Day gains in more than two decades.Stocks plunged today as
reports on jobs and service industries stoked concern the economy will
worsen even as President-elect Barack Obama tries to stimulate growth.
The Dow and Nasdaq fell more than 5 percent for the day.
Asian stocks declined after News Corp., Isuzu Motors Ltd. and Cathay
Pacific Airways Ltd. cut their profit outlook, adding to evidence the
global economy is headed toward recession.The MSCI Asia Pacific Index
slid 3.8 percent to 90.51 as of 10:10 a.m. in Tokyo. Japan's Nikkei
225 Stock Average dropped 5.3 percent to 9,020.57, snapping its best
six-day winning streak.
Realty and Banking stocks will be under severe pressure as short term
investors, who have taken position in the previous weeks might book
profits. IT stocks might are likely to witness some selling as the
fortunes of the companies are dependent on Obama's moves against
outsourcing.
Speculative midcaps are again on the line of fire as operators and
funds are likely to cut their positions in the current uncertainty. We
have been advising our subscribers not to buy on the way up and not to
get over exuberant in these markets. So stay away from the market for
now and look for bargains to accumulate for the long term.
Market Close Box
=============
BSE Sensex 10120.01 -511.11
NSE Nifty 2994.95 -147.15
USD Rs.47.18
Oil Nymex $65.61
N.Sukumar
Research Analyst
www.kences1.blogspot.com
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