*****Another flat day for the
indices, in the offing*****Stocks in Dalal Street are expected to have a slightly lower reflecting the sentiment on Wall Street. A major fall in the indices is ruled out. Expect the Sensex to trade in narrow band with the possibility of losing 50 points or 0.5 percent for the day. Stocks in Asia are off for a bad start as expected. Japanese stocks fell on concern rising bad-loan costs will weigh on profits at financial companies, outweighing a gain by resource shares after oil surged. The Nikkei 225 Stock Average declined 22.09, or 0.3 percent, to 7,535.56 in the first hour of trade in Tokyo. An important psychological barrier gave way on Wall Street Thursday as the Dow Jones industrials fell to their lowest level in more than six years.The Dow broke through a bottom reached in November, pulled down by a steep drop in key financial shares.The Dow lost 89.68, or 1.2 percent, to end at 7,465.95.The Standard & Poor's 500 index ended down 9.48, or 1.2 percent, to 778.94. Oil rose more than $2 to above $37 on Thursday after United States government crude inventory data showed an unexpected fall in U.S. crude stocks.Stocks like Cairn India (Rs 152) might be in demand after a surge in the oil prices. Another stock to watch out for is Satyam Computers, after receiving a clearance from CLB for a sale of the company. Bank stocks might come under pressure after a sell off in financial stocks across the world, although we believe a correction in Indian banking stocks is not warranted. IT as a sector performed really well and looks resilient to the bearish sentiment previaling. The sectoral index has gained 2.4 percent on Thursday. We advice some long term investing in Infosys at current levels. The stocks is defninitely a good one to ' Accumulate' at Rs 1208.00. Previous Close Box : BSE Sensex 9042.63 27.45 NSE Nifty 2789.35 13.20 USD Rs.49.85 Oil Nymex $38.94 Research Desk. --~--~---------~--~----~------------~-------~--~----~ 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 -~----------~----~----~----~------~----~------~--~---
