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The markets ended lower for the second consecutive day as huge selling pressure was seen in most of the frontline stocks. Capital goods, telecom, realty, auto, power, financials and technology counters were under selling pressure, while metal and oil & ga |
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Written by Administrator
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Monday, 15 June 2009 17:18 |
Russian Finance Minister Alexei Kudrin said the dollar is in "good shape," further affirming that there's no substitute for the world's reserve currency.
Kudrin rushed to reassure investors of Russia's confidence in the dollar just days after his boss, President Dmitry Medvedev, questioned its global status, joining China's central bank Governor Zhou Xiaochuan in suggesting the world may need another benchmark for settling international debts.
US Treasuries rose for a third day after Russian Finance Minister Comment. Kudrin's comments came after Japanese Finance Minister Kaoru Yosano said his government is confident about the outlook for U. S. Treasuries, helping attract investors after 10? year yields climbed to the highest level in seven months.
Even as some of the leaders of Brazil, China, Russia, and India questioned the dollar's status, the four nations increased foreign reserves by more than $60 bn in May to limit their currencies' gains and support their exports. They now have combined reserves of $2.8 trillion and are among the largest holders of Treasuries. At the end of
2008 the dollar accounted for 64 % of central bank reserves, up from
62.8 % in June 2008, according to the International Monetary Fund in Washington.
Group of Eight finance ministers began drawing up contingency plans for rolling back budget deficits and bank bailouts as the economy shows signs of recovery and investors start worrying about inflation. Policy makers trod a fine line in the knowledge that withdrawing stimulus measures too soon could choke the recovery before it starts, and allowing them to last too long might push up borrowing costs.
Most Asian stocks declined, led by commodity companies, after metals and oil prices fell. Japanese automakers rose as a weakening yen boosted earnings prospects. Indian Stock Market is expected to open weak and continue to remain weak during the day.
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Indian Stock Market Review and Analyst Call: Nirmal Bang Securities |
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Written by Administrator
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Monday, 15 June 2009 17:18 |
The markets ended lower for the second consecutive day as huge selling pressure was seen in most of the frontline stocks. Capital goods, telecom, realty, auto, power, financials and technology counters were under selling pressure, while metal and oil & gas stocks witnessed buying interest. The BSE Sensex closed 174 points or 1.13% lower at 15,238, after seeing an intraday high of 15,600 and low of 15,174.
The Nifty closed at 4,583 down 1.17% or 54 points after seeing a high/low of 4693 and 4566. Among the broader indices - the CNX midcap index and BSE smallcap index fell 1.7 % and 2.2 % lower respectively. For the week, the Sensex gained 0.88 %—its fourteenth weekly gain. The Nifty June future ended with a 5 point premium. The IIP (Index of Industrial Production) data was encouraging as it came in at 1.4% for the month of April as against negative 0.75% in March.
This was the second consecutive session where we saw the markets under selling pressure around the 4700 mark and the market breadth was also negative. Now going forward in the coming week we believe that it’s very important for the nifty to hold the 4550 level on the closing basis, if nifty trades below 4550 then there is a possibility that we could see fresh selling emerging and nifty might test 4480-4370 in the coming days.
Markets are trading at a very crucial point from where a 5% rally on either side is possible in a very short period of time. We believe that one should be very cautious in buying shares at higher levels. Buying around the support level is sensible as the undertone of the market is bullish.
For tomorrow, intra-day support for nifty exits at 4550, a trade below 4550 can bring pressure into the system. Resistance is placed at 4630 levels. Fresh buying trigger can be seen only if nifty breaks above the 4700 mark till then one should remain cautious.
And a major weakness will be seen only if markets break 4370/14500 level, until then every dip should be used as a buying opportunity. |
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Tokyo stocks down, losses limited on economic optimism |
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Written by Administrator
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Monday, 15 June 2009 17:17 |
Tokyo - Tokyo stocks fell Monday, but losses were limited thanks to lingering optimism over an economic recovery.
The Nikkei 225 Stock Average fell 67.79 points, or 0.67 per cent, to 10,068.03. The index rose above 10,000 level on Friday for the first time in eight months.
The broader-based Topix index stayed little changed at 950.5, down 0.04 points, from Friday.
On currency markets at 9 am (0000 GMT), the dollar traded at 98.40-45 yen, up from Friday's 5 pm quote of 98.03-05 yen.
The euro traded at 1.3975-80 dollars, down from late Friday's quote of 1.4063-65 dollars, and at 137.52-57 yen, down from 137.86-90 yen. (dpa) |
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Sensex Has Resistance At 15467-15739: Abhishek Jain, StocksIdea.com |
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Written by Administrator
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Monday, 15 June 2009 17:16 |
The Sensex ended the week sharply lower led by realty, auto, consumer durables and capital goods stocks, while metal stocks surged.
It opened on a flat note on Friday on the back of optimistic global signs and traded positively owing to buying action witnessed across frontline stocks.
But, in the afternoon trading, the stock index declined into the negative terrain because of profit booking in select pivotal stocks. Later it extended its losses after the declaration of April IIP numbers.
Even starting of European markets added fuel to the overall reaction.
Index for industrial production (IIP) saw a growth of 1.4% during April 2009 as compared to the negative growth of 2.3% in March 2009 after remaining negative for months even though certain segments such as consumer non-durables and capital goods continued to contract.
BSE Midcap and Smallcap index declined 2.10% and 2.21% respectively.
The Sensex closed the week after losing 173.53 points, or 1.13% at 15,237.94. It hit an intraday high of 15,600.30 and an intraday low of 15,174.28.
In contrast, the broad-based NSE Nifty fell 54.30 points, or 1.17% at 4,583.40 after touching an intraday high of 4,693.20 and an intraday low of 4,566.15.
The gainers in the Sensex pack included Reliance Industries, Sterlite Ind (India), Oil & Natural Gas Corporation and Tata Steel.
On the other hand, the major losers’ among Sensex included DLF, RCom, Ranbaxy Laboratories, Reliance Capital, Mahindra & Mahindra and Tata Motors.
While commenting on the stock market outlook for the coming week, stock analyst Abhishek Jain of Stocksidea.com said that the support for the Sensex is at 15125/14764 and the resistance to the up move is at 15467/15739.
Technically sensex looking sideways for coming days, Mr. Jain said.
For Nifty, the support is at 4557/4463 and the resistance to the up move is at 4626/4674. |
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