Stock seen lower as global cues sag July 13, 2009
Posted by dhirendra1972 in Dragging Commodity Price, Negative Territory, Weak Banking, Weak Metals, Weak Realty.Tags: Banking, Commodity Price, Consumer Sentiment, Crucial Level, Domestic Institutions, Foreign Institutioanl Investors, Foreign Institutional Investors, Gloal Economic Recovery, Global Cues, Industrial Average, Metals, Monsoon Conerns, Realty, Technical Support Level
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Good morning friends. More pain is likely to be witnessed Monday as global economic recovery and monsoon concerns still linger. Equity benchmarks are poised at crucial levels, which could be breached if weakness persists.
“Foreign institutional investors have been on a selling spree for the last 7 days even domestic institutions have not been buying aggressively. Global cues are also not supportive and equity benchmarks close to their technical support levels. Furthermore, factors like Budget and the monsoons have been a dampener. Sectorwise, banking, realty and metals look weak. We may see Nifty slipping to 3860 this week,” Prahlad Bang, HNI desk, Networth Stock Broking
US equities languished in the negative territory after a report showed that US consumer sentiment took a beating early July, dropping to a four-month low. The Dow Jones Industrial average was down 48.37 points, or 0.59 percent, at 8,134.80. The Standard & Poor’s 500 Index fell 4.72 points, or 0.53 percent, at 877.96. The Nasdaq Composite Index was up 1.95 points, or 0.11 percent, at 1,754.50.
Stocks across Asia followed suit as the weak sentiment on Wall Street rubbed on to other parts of the world, dragging commodity prices,. The Nikkei lost 0.54 per cent, Topix shed 0.33 per cent, Hang Seng retreated 0.46 per cent and Straits Times fell 0.34 per cent.
Back home, Indian equities plunged in the last hour of Friday’s session to close near crucial support levels. According to dealers, foreign institutional investors who turned sellers post budget pressed sales taking retailers by surprise.
Bombay Stock Exchange’s Sensex ended at 13504.22, down 253.24 points or 1.84 per cent. The index touched an intra-day low of 13418.39 and high of 13897.19.
National Stock Exchange’s Nifty closed at 4003.90, down 77.05 points or 1.89 per cent. The index touched an intra-day low of 3976.80 and high of 4129.95. – The Economic Times
