Date : Dec-11-2008 09:27
The markets were firm in early trade despite overnight plunge on Wall Street. Most Asian indices were trading higher on December 10. The markets witnessed a strong bear market rally and the Nifty may cross 3000 this week. Next week, a couple of economic numbers are expected and if these numbers are below expectations, then the markets may slide again, Seshadri Bharathan, Director - Stock Broking, Dawnay Day AV Financial Services. All sectoral indices ended in positive turf with IT, banking and realty counters leading the gains. The BSE Sensex closed higher by 492.28 points at 9,654.90 and NSE Nifty ended up by 144.25 points at 2,928.25.
The markets are likely to re-test the October lows. Macroeconomic conditions and earnings de-growth are key concerns for the markets. Moreover, there are certain asset quality issues with a few banks, said Amar Ambani, VP (Research), India Infoline.Among the Sensex stocks, Sterlite Industries leads gainers. RCom, Infosys and ICICI Bank are the other main gainers in the group.
Wall Street turned cautious on Tuesday after a two-day rally as disturbing corporate news reminded investors of the magnitude of the economy''s troubles. The Dow Jones industrial average fell 242.85, or 2.72 percent, to 8,691.33 after logging a gain 560 points over Friday and Monday. Broader stock indicators also declined. The Standard & Poor''s 500 index fell 21.03, or 2.31 percent, to 888.67. The Nasdaq composite index fell 24.40, or 1.55 percent, to 1,547.34.
The markets were firm in early trade despite overnight plunge on Wall Street. Most Asian indices were trading higher on December 10. The markets witnessed a strong bear market rally and the Nifty may cross 3000 this week. Next week, a couple of economic numbers are expected and if these numbers are below expectations, then the markets may slide again, Seshadri Bharathan, Director - Stock Broking, Dawnay Day AV Financial Services. All sectoral indices ended in positive turf with IT, banking and realty counters leading the gains. The BSE Sensex closed higher by 492.28 points at 9,654.90 and NSE Nifty ended up by 144.25 points at 2,928.25.
The markets are likely to re-test the October lows. Macroeconomic conditions and earnings de-growth are key concerns for the markets. Moreover, there are certain asset quality issues with a few banks, said Amar Ambani, VP (Research), India Infoline.Among the Sensex stocks, Sterlite Industries leads gainers. RCom, Infosys and ICICI Bank are the other main gainers in the group.
Wall Street turned cautious on Tuesday after a two-day rally as disturbing corporate news reminded investors of the magnitude of the economy''s troubles. The Dow Jones industrial average fell 242.85, or 2.72 percent, to 8,691.33 after logging a gain 560 points over Friday and Monday. Broader stock indicators also declined. The Standard & Poor''s 500 index fell 21.03, or 2.31 percent, to 888.67. The Nasdaq composite index fell 24.40, or 1.55 percent, to 1,547.34.
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