Sharekhan Pre-Market Report dated May 08 2008

 

. Market may slip in early trades Weak global markets may drag down our market in early trades.   The market may slip initially following an overnight slump in the US markets and a sharp fall in major Asian indices in the morning trades. As the overall sentiment remains bullish, the market may overcome the early weakness and attract buying support as the trading progresses. On the technical front, the Nifty could test higher levels at 5160 and may find support at 5100, while the Sensex may face resistance at 17450 and find support at 17230.   US indices fell sharply on Wednesday as investors took the opportunity of booking profits. The Dow Jones dropped 206 points to 12814 whereas the Nasdaq declined 45 points to close at 2438.   Indian ADRs too were hammered on the US bourses. Leading the slump Satyam tanked 6.31% followed by Infosys, Wipro, HDFC Bank and MTNL all of whom were down by 5% each. VSNL, Rediff, Tata Motors and ICICI Bank dropped 2-4% each. However, Patni Computers was down by a marginal 0.61%.   Crude oil prices in the US markets edged higher, with the Nymex light crude oil for June 08 delivery rising by $1.69 to close at $123.53 per barrel. In the commodity segment, the Comex gold for June 08 series lost $6.70 to settle at $871 an ounce.   Daily trend of FII investment in equities On May 05, 2008, FIIs were net sellers of stocks to the tune of Rs728.80 crore (purchases worth Rs3,099 crore and sales of Rs3,827.80 crore). Domestic mutual funds were net sellers of stocks to the tune of Rs26.50 crore (purchases worth Rs588.50 crore and sales of Rs615.00 crore).  INDICES SNAPSHOT ASIAN INDICES at 09:20 IST on 08/05/2008 Index Level Change(pts) Change(%) Nikkei 13978.94 -123.54 -0.88 Hang Seng 25518.34 -91.87 -0.36 Kospi Index 1853.59 -0.42 -0.02 Straits Times 3187.33 -41.62 -1.29 Jakarta Composite 2374.71 -7.99 -0.34 EUROPEAN INDICES at close on 07/05/2008 FTSE 100 6261.00 45.80 0.74 CAC 40 Index 5075.31 34.39 0.68 Dax Index 7076.25 59.15 0.84 US INDICES at close on 07/05/2008 Dow Jones 12814.35 -206.48 -1.59 Nasdaq 2438.49 -44.82 -1.80	PRE-MARKET COMMENTARY 08/05/2008| Market round-up, 9:45 IST
	STOCK TO WATCH TODAY ASHOKLEY BIRLACOR HM JBCHEM GICHSGFI   INDIAN ADRs Company Last Close %Change Infosys 43.24 -5.59 Satyam 25.54 -6.31 Wipro 12.87 -5.85 Dr.Reddy's 15.42 -2.47 Tata Motors 16.37 -3.02 ICICI Bank 44.26 -2.38 HDFC Bank 109.51 -5.81 MTNL 5.12 -5.71 VSNL (TCL)* 23.84 -4.22 Rediff 8.63 -3.90 Patni Comp 12.94 -0.61
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