|
Headlines
Market news and breaking stories live from Dow Jones Newswires
Market Commentary
A technical analysis commentary of the major markets, only from INO
Smart Scan
A premium service, alerting you to changes in the market by web and email.
Extreme Futures / Stocks
Extreme Markets from all exchanges, updated throughout the trading day.
|
| |
|
Trade Triangle Technology, Advanced Charts, SmartScan, Trading Workshops.
The premier online video learning platform for traders.
Daily Portfolio Scan and Analysis
|
| |
|
Indian Market Seen Opening Lower 75 days ago
(RTTNews) - The Indian market may open on a flat to negative note Thursday morning, tracking weak Asian cues. Despite a positive lead from Wall Street, Asian stocks are currently trading lower with participants cashing in on recent rallies. China's benchmark Shanghai Composite is down more than 1 percent.
Profit taking by foreign institutional investors (FIIs) ahead of calendar year-end may also weigh on sentiment. Yesterday, FIIs sold shares worth Rs.331.65 crore on a net basis, provisional data released by the BSE showed.
That said, economic optimism following the release of encouraging reports on home sales, jobless claims and consumers from the U.S may limit losses. Trading is likely to remain volatile before the expiry of current month derivative contracts.
On Wall Street, stocks shrugged off early weakness and moved higher on Wednesday on some upbeat economic data. Better-than-expected increase in new home sales, a sharp decline in jobless claims in November and the upward revision to pace of order growth in September aided sentiment.
However, stocks failed to sustain the upward move as traders appeared reluctant to continue buying stocks ahead of the Thanksgiving Day holiday. The Dow ended up 0.29%, the Nasdaq by 0.32% and the S&P 500 by 0.45%. The Indian ADRs also closed mostly higher with the exception of Reddy's Laboratories and Mahindra Satyam.
Crude oil prices futures for January delivery ended higher at $77.97 per barrel, up $1.94 on Wednesday, boosted by a weaker dollar and a smaller-than-expected build in weekly inventories.
The rupee, meanwhile, rose by 15 paisa to 46.22 against the dollar on Wednesday, encouraged by a weaker dollar overseas and expectations that the government will not impose any restrictions on portfolio inflows.
In corporate news, RBI deputy governor KC Chakrabarty expressed his view that the time is not ripe for merger and acquisitions in the banking sector.
Shipping Corporation of India said it has given physical delivery of its tanker "m.t. Maj Dhansingh Thapa, PVC" to its buyer.
Oriental Bank of Commerce intends to raise Rs.300 crore by issuing innovative perpetual debt instruments on a private placement basis.
In the face of alleged payment of kickbacks, the government may cancel NPTC's Rs.2,066 crore contract with Russian firm Technopromoexport , reports suggest.
Bajaj Hindusthan plans to invest Rs.1,600 crore for expanding its power generation capacity by 400 MW. TVS Motor unveiled its first "clutchless" motorcycle "Jive" and an automatic scooter "Wego".
On Wednesday, the Indian market pared some early gains to end off the day's high. The benchmark BSE Sensex rose to a high of 17,290 before closing at 17,199, up 68 points or 0.40% and the S&P CNX Nifty rose 18 points or 0.35% to 5,108. However, the BSE mid-cap index ended down 0.12% and the small-cap index shed 0.16%, highlighting the somewhat cautious undertone.
For comments and feedback: contact editorial@rttnews.com
Copyright(c) 2009 RTTNews.com, Inc. All Rights Reserved
< Back to News Index
|
