Markets to open flat on the first trading day of the week Stocks on Dalal Street are poised to open flat to lower after the indices cracked in the final hour of the trade on Friday, losing nearly 2 percent. Expect the benchmark index or the Sensex to reverse the negative trend and end up with minor gains by the end of the day.
Stocks on Wall Street hit their longest losing streak since the market's spring rally began in early March.On Friday, the Dow Jones industrial average fell 36.65, or 0.5 percent, to 8,146.52.The Standard & Poor's 500 index fell 3.55, or 0.4 percent, to 879.13.The Nasdaq composite index rose 3.48, or 0.2 percent, to 1,756.03. The latest data compiled by SEBI raises hopes that the FII's will continue to invest in the Indian markets, even in a falling market. Foreign institutional investors have made a net investment of Rs3,500 crore in the Indian stock markets since the presentation of the Budget in Parliament on 6 July, even as the Sensex lost nearly 10% over the same period. Realty, and Metal stocks were worst hit last week, as the sectoral indices suffered a double digit loss for the week. Hindalco and Tata Steel led the losers among the commodity stocks and the trend is likely to continue. ADAG stocks like Reliance Infra and Reliance Communications (Rs 242) look week in the near term. Bajaj Hindustan is one stock that is looking terribly week as the stock has lost nearly 10 percent on huge volume action with nearly 9.5 million shares traded on the NSE. It looks like speculators are exiting second rung Midcaps after handsome gains since March 2009. Core Projects is another stocks that is witnessing heavy unwinding of positions.JP Hydro and Praj Ind have also lost their shine. The coming week will test the health of online brokers like Geojit and Motilal as the companies are on deck to report their Q1 numbers. We prefer Geojit (Rs 38.60) to Motilal (Rs 139.50) in this space. We are likely to see a flat to negative open, but things might improve, as the day goes by. B.Karthick Research Analyst --~--~---------~--~----~------------~-------~--~----~ 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 -~----------~----~----~----~------~----~------~--~---
