The party goes on, 15,000 mark within reach for the Sensex Jun 02, 2009
It is party time on Dalal Street, as the benchmark index is likely to breach the 15,000 mark. The rally in global equities might boost investors confidence an spark fresh round of buying. Expect the Sensex to gain nearly 200 points or more than a percent for the day. Japanese and Australian stock futures rose after U.S. manufacturing figures added to signs the global recession is abating and General Motors Corp.’s bankruptcy raised optimism Asian automakers will gain market share. The stock market indices in Japan, Australia and Korea are up by nearly a percent in the first hour of trade. Stocks on Wall Street began June with a big rally, thanks to another wave of encouraging economic data.The Dow rose 221.11, or 2.6 percent, to 8,721.44, its highest close since early January.The Standard & Poor's 500 index rose 23.73, or 2.6 percent, to 942.87, while the Nasdaq composite index rose 54.35, or 3.1 percent, to 1,828.68. Commodities might lead the bull run as the prices of metals firmed up due to the falling dollar. Crude was a major beneficiary of the weakness in the dollar. The price of oil touched $ 68 mark today in Nymex. Cairn India, Essar Oil and Reliance Petroleum might trade up. In the metal space we stock with Sterlite Ind. Auto Stocks like Tata Motors and Mahindra might catch some attention as they are likely to benefit at least to some extent, by the branktptcy of US auto giant GM.We like Tata Motors in particular from the auto space. There was some brisk trading in some select Hotel stocks yesterday. Hotel Leela has seen a volume of more than 12 million shares on the NSE and the scrip was locked in 20 percent circuit.Other stocks in the sector like Taj GVK and Royal Orchid ended with strong gains.HPCL, IndiaBulls Real Estate, Power Finance and GMR Infra along with airline stocks like Spice Jet and Kingfisher Air are the stocks to keep on radar for today's trade. Key Levels for Today Trade: NIFTY Index Resistance :4553/4582/4620 NIFTY Index Support :4517/4502/4482/4468 Mean/Pivot :4535 Key Numbers on Upside 4553 & 4620 Key Numbers on Down side 4502 & 4468 Previous Close Box: BSE Sensex 14840.63 215.38 NSE Nifty 4529.90 80.95 USD Rs.46.99 Oil Nymex $68.40 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 -~----------~----~----~----~------~----~------~--~---
