Stocks set to Crash, as all bets are Off
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Investors are get ready for a massacre on the trading floor on
Thursday, as stocks will be under severe selling pressure. Expect the
index to break the 8,500.00 levels as investors lost hope of a bounce
back, spurring a fresh round of sell off.
U.S. stocks sank and benchmark indexes slid to their lowest levels
since 2003 on growing concern over the health of the financial system
and survival of the nation's car industry.The Dow Jones Industrial
Average slid 427.47 points, or 5.1%, to 7,997.28 and the The S&P 500
Index fell 52.54 points, or 6.1%, to 806.58, a level last seen on
March 12, 2003, when it closed at 804.19..19. The technology-laden
Nasdaq Composite Index dropped 96.85 points, or 6.5%, to 1,386.42, its
lowest closing level in more than five years.
Japan's exports declined at the fastest pace in almost seven years in
October as the global financial crisis intensified, curbing overseas
demand. ICICI Bank is in news because of Fitch's warning on the
deterioration of the company's weakening asset quality. The stock
might take a big hit today as the sentiment for the financial doesn't
look great either. Stay away from banking stocks for another week, as
the prospects for this sector look bright in the near term.
Watch out for another round of selling in Realty and we might see big
drop in DLF and other realty stocks. There will be broad based selling
across the board and even blue chip stocks wont be spared in the
current scenario.
Market Close Box
BSE Sensex 8773.78 -163.42
NSE Nifty 2635.00 -48.15
USD Rs.49.97
Oil Nymex $53.40
N.Sukumar
Research Analyst
www.kences1.blogspot.com
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