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After a good last week, the Indian markets opened gap down and lost continuously following the Asian markets yesterday.The sensex lost 726 points or 4.4% to close at 15,644 points and nifty closed at 4,734 points after losing 207 points from its previous close.The high inflation rates and negative sentiments form Asian and world markets had its impact on the Indian markets.
India was the worst performer in the among the Asian markets with heavy selling coming in banking sector.Yesterday also being the last day of the financial year 07-08 ,saw a lot of volatility. The FIIs also have sold shares worth Rs866 crores in the markets yesterday. On the other hand the institutional investors were net buyers of stocks worth Rs 566 crores.
The ICAI directive on derivatives deals is set to hit the companies hard. The Institute Of Chartered Accountants of India(ICAI) wants Indian companies to provide for losses from derivative transactions in the forex market.It wants the Indian companies to adopt the AS 30 guidelines with effect from Mar 31,2008.
Meanwhile the US markets ended the day with a mere gain of 0.38% and 0.79% in Dow and Nasdaq respectively. The Asian markets has also reacted to this and are trading with gains of 1.38% in Nikkei-225 and 1.24% in Hang Seng currently at 9AM IST. So the Indian markets will open and trade higher if the current sentiments persist.
Yesterdays calls over here closed flat and with some losses in IT sector.They will rise with the markets firming up.Check out the following stocks: Orchid chemicals,Cipla,Pfizer Ltd,Fortis Health care,Emami Ltd,ABG shipyard,Redington(India)Ltd,Praj Industries.
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