Gloabl Markets at record lows
Indian markets are likely to plunge on the opening bell, as global
recession has become a reality with the equity markets falling like a
pack of cards.Realty, banking and IT stocks are likely to fall prey to
the bears in early trade.
Asian markets fell sharply early Friday after U.S. stocks dived
overnight, with Japanese shares sliding for a fourth straight session
on exporters like Honda Motor Co. The Nikkei 225 Average lost 2.8% to
7,484.63.
U.S. stocks slid and the Standard & Poor's 500 Index plunged to its
lowest level in 11 years after economic reports depicted a deepening
recession and lawmakers postponed a vote on a plan to salvage the auto
industry. The Dow fell 5.56 percent or 445 points to 7,552.29, where
as the Nasdaq slid by 5 percent or 70 points.
Business Standard today reported that the government and Reserve Bank
of India are working on opening a massive Rs 75,000 crore refinance
window to provide concessional funds for infrastructure, housing and
small and medium enterprises by partly leveraging the country’s
foreign exchange reserves.
Selling is likely to persist through out the day across the board.
Also see sharp moves on the downside in select stocks owned by Citi
Group, as the company plans to liquidate most of its positions.
Expect a 250 point fall or nearly 3 percent decline in the sensex. The
next support for the benchmark index is at 8,170.00 in the short term.
If this is broken, we might see a fall to the 7,000 mark, which is
unlikely.
Market Close Box:
BSE Sensex 8451.01 -322.77
NSE Nifty 2553.15 -81.85
USD Rs.50.52
Oil Nymex $49.62
B.Karthick
Research Analyst.
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