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As I wrote here yesterday about a big gap down opening for the Indian markets, the same thing had happened due to bad global cues and the sensex slipped almost 700 points from its previous close. In realty the Indian markets had discounted the global financial turmoil more than it was expected. But the markets made a smart recovery yesterday and finally snapped the 7 day losing streak too by gaining 53 points. All these development was mainly due to finance minister coming out and giving the assurance that Indian economy will be affected only to a very very limited position.
As most of the Indian banks are local in nature and they dont have huge exposure to these foreign banks like Lehman Brothers and Merrill Lynch. At one point of time the markets touched lows of 12,558 levels coming closer to the lows of 2008 made in July this year. In net value this turmoil had an impact of about 1682 points in sensex or 11.26% from its previous close in the last 7 trading sessions.
Banking stocks were the worst hit especially ICICI bank and then realty sector, IT counters were also bleeding. FIIs were selling in frenzy. Even the banks like Lehman brother and Merrill Lynch were selling assets in the market in the companies where they had position earlier. For the investors its a best time to re-enter the markets and start investing as the valuations of most of the companies look very attractive.
Meanwhile there is a news that the US and European govt are pumping in billions of dollars to boost liquidity in the financial market and prevent any more financial turmoil in their countries. Fed has invested $85 billion to rescue AIG the American International Group which is the biggest insurer in the world. Due to this the US markets had made a smart upward move and finally closed above the psychological mark of 11,000 points in Dow. So we can see a good opening in the Indian markets too. The inflation for the week has also come at 12.14% which is more than last time figures.
Some intraday calls would be : infosys, Punj Lloyd, RIL,ICICI, JP Associate, BHEL, L&T, DLF, Akruti City. You can enter into these stocks for medium term prespective also as they look very good at these levels.
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