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Market View
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Key benchmark indices opened with sharp downward gap on weak global cues. The BSE 30-share Sensex was down 333.54 points. All the 30 Sensex stocks were in the red. The market breadth was weak. Banking shares slipped. Index heavyweight Reliance Industries shed 3%. Sterlite Industries, Jaiprakash Associates and Infosys Technologies lost close to 3% each.
Fears about economic growth and a 3% slump in US stocks on Thursday, 4 September 2008, sent Asian shares sprawling today, 5 September 2008. Key benchmark indices in Hong Kong, China, Japan, South Korea, Singapore and Taiwan were down by between 1.28% to 2.85%.
Wall Street suffered its steepest decline in more than two months on Thursday, 4 September 2008, after weekly government data showed an unexpected jump in the number of filings for jobless benefits, souring the mood before Friday\'s (5 September 2008)’s jobs report for August 2008, which is expected to show the eighth consecutive decline, with 75,000 jobs lost.
At 10:25 IST, the BSE 30-share Sensex was down 333.54 points or 2.24% to 14,565.56. It opened 330.09 points lower at 14,569.01 and slipped to strike an intra-day low of 14,513.44 in early trade. At the day’s low, the Sensex lost 385.66 points. At the day’s high of 14,590.61, the Sensex fell 308.49 points in early trade.
The S&P CNX Nifty declined 87.85 points or 1.98% to 4,359.90
The market breadth was weak on BSE with 1028 shares declining as compared to 433 that advanced. 47 remained unchanged.
The total turnover on BSE amounted to Rs 637 crore.
India’s largest copper manufacturer Sterlite Industries lost 3.63% to Rs 590.85 on 71,786 shares. It was the top loser from Sensex pack.
Jaiprakash Associates (down 3.25% to Rs 171), Infosys (down 3.04% to Rs 1735), and Maruti Suzuki India (down 2.85% to Rs 664.40), edged lower from Sensex pack.
India’s largest private sector firm by market capitalization and oil refiner Reliance Industries (RIL) slumped 3.01% to Rs 2087.90 on 2.39 lakh shares.
Banking shares declined on fresh selling despite softening in inflation rate for a second week in a row. ICICI Bank (down 2.76% to Rs 698.40), State Bank of India (down 2.04% to Rs 1504), and HDFC Bank (down 2.98% to Rs 1265), slipped.
Annual inflation rose 12.34% in the year through 23 August 2008, lower than previous week’s 12.40% rise, data released by the government after trading hours on Thursday, 4 September 2008 showed. Food prices for staples like lentils and vegetables eased while fuel prices remained flat, the data showed. Inflation, however, remains far above central bank’s target level of 7% towards the year ending March 2009.
Among the side counters, Sona Koya Steerings (up 16.30% to Rs 20.70), Ceat (up 6.39% to Rs 81.55), and Orbit Corporation (up 6.36% to Rs 324.50), surged
Weak global cues had pulled Sensex down 150.76 points or 1% to 14,899.10, on Thursday, 4 September 2008. As per provisional data released by the stock exchanges, foreign funds sold shares worth a net Rs 603.28 crore on Thursday. Domestic funds bought shares worth a net Rs 431.11 crore.
Meanwhiles, the Nuclear Suppliers Group (NSG) is reportedly inching towards forging a consensus on clearing a waiver to India for nuclear commerce, a decision that can take the Indo-US nuclear deal forward. The United States said on Thursday, 4 September 2008, 45 nations were making headway towards agreement on lifting a ban on nuclear trade with India after Washington reworked a draft for the move to ease proliferation fears. The two-day meeting of NSG ends today, 5 September 2008.
-CM courtesy ...
Nifty futures trading at 4370 moving towards our target of 4382,4400 for today
Posted by :
9975797577Tracked by: 0 Boarder
Nifty Futures now trading at 4370 moving towards our target for the day of 4382 and 4400 ......very soon ...
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We have posted some common important messages in all major banking stocks category for the benefit of investors in those stocks as they might not be viewing other stock messages.
So, please take acknowledgement of that for the interest of the investors community on this message board. If any of our tracking boarders find it repetitive, it was only for for some very important message in particular case in the interest of investors community....
Only Important message put as in different banking stocks for investors
Banking & Financial Services - Sector
Posted by : 9975797577Tracked by: 0 Boarder
We have posted some common important messages in all major banking stocks category for the benefit of investors in those stocks as they might not be viewing other stock messages.
So, please take acknowledgement of that for the interest of the investors community on this message board. If any of our tracking boarders find it repetitive, it was only for for some very important message in particular case in the interest of investors community. ...
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Inflation numbers were a relief and seem to consolidating if not falling. However, global cues are still bad and may peg the market down. There are a few silver linings that might cushion the fall. But the Nifty is likely to fall 80-100 points.
...
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RN,
I have taken the premium money advantage and entered in to one more PUT backspread of SELLING one 4600 PE, at 277, and BUY 2*4300 at 106 ( ie 212 ) so pocketed the difference of 61 * 50, using this premium money bought one more 4500 CE at 73.
Let's see How it goes...
Regards
Aru
...
In reply to:
I better put an end to my predictions
Posted by : radhika_nandlal
I bought one more call..... one step at a time lol.. 4500 call at Rs 71 
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Jet Airways, Biocon, Aban offshore, KSK energy, Fin Tech, GTl Infrastructure still on the chart and gaining....
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Indian Institutes of Management is looking to outsource its Common
Admission Test to a global testing company
Seems, they want international education community to see their international standards. ...
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Nifty Fut Tgt 4457..................
Finally, somebody talks intelligent here for Banking sector. Big positive
Banking & Financial Services - Sector
Posted by : 9975797577Tracked by: 0 Boarder
Reserve Bank of India has suggested smaller banks to merge with
bigger ones to face competitive environment.
...
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Market regulator Securities and Exchange Board of India (Sebi) has made it mandatory that companies, listed as well as unlisted, which are are about to be merged will be required to appoint an independent merchant banker for giving a fairness opinion on the valuation for the amalgamation. Amending the Equity Listing Agreement, the regulator said the fairness opinion should be made available to the shareholders at the time of approving the resolution under Clause 24 in order to safeguard the interest of shareholders . Currently, shareholders generally go by the arguments put out by the companies whenever a merger takes place. ...
...
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Government has appointed PricewaterhouseCoopers to undertake a detailed study on India\'s air cargo business, ahead of an air cargo policy that is being planned
...
Tracked by: 77 Boarders
Due to sudden collapse in Oil prices on expected lines, most world index indexes need to undergo POSITIONAL changes from BEARish positions to BULLish positions in short to medium term as billions of dollars were at stake by those BIG PLAYers!. :)
Now, some of the indexes are PLACED very well.
Unless you are highly overleveraged, build good positions to enjoy the upcoming BULLish run provided Nifty does not go below 4325 in order to revisit the GAME! :)
Gud luk & happy investing! :) :)
...
In reply to:
WILL NIFTY HIT 3600 & SENSEX TOUCH 12000
Posted by : BullSheetRules
As mentioned on my homepage on Sep 1, DOW was showing inherent weaknesses on chart... has corrected a good value to 11100 - 11200 level range... Interesting thing to note is that I thought that this will take at least two days. However, within a single day, DOW has got into that position. Probably, time for Bernanke and co. to issue some statements in coming days...
Oil is already DOWN to 107 level... will soon be available at 100 level...
7.11 -2.24 -2.05%
Rest you can deduct yourself how things can PAN out in FUTURE!... as we know, stock market looks to FUTURE, not to present or past! :) DOW will overreact for these two days as BILLIONS of DOLLARS were at STAKE to BUILD that BEARIsh positions before the suddent collapse in OIL PRICES! :) :) Moving those billions by BIG PLAYERs take time! :)
In case, Nifty goes below 4325 again, then wait and watch the GAME from sidelines! :)
For today, DOLLAR YEN ratio is DOWN!
So, PLAN your GAME accordingly! :)
Gud luk & happy investing! :) :)
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Government has approved setting up of a greenfield domestic airport in
Sindhudurg, Maharashtra
...
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1st tgt for Nifty Fut is 4382 .,..
s and m courtesy ...
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