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Equities likely to remain volatile (The Economic Times 1st Feb 2008)Equities are likely to remain choppy on Friday. While US market stocks gained after bond insurer MBIA announced that it expects to retain its credit ratings, Asian markets were trading mixed. The Dow surged 207.53 points, or 1.67 per cent, to 12,650.36 and the Nasdaq Composite Index advnced 40.86 points, or 1.74 per cent to settle at 2,389.86. Japanese stocks fell after earlier gains on Friday, after Sony Corp cut its earnings outlook, pulling down the stock over 6 per cent. Japan’s Nikkei Average was down 0.62 per cent at 13,507, China’s Shanghai Composite was down 0.23 per cent at 4,373. Hong Kong’s Hang Seng was up 1.11 per cent at 23,716.37, Taiwan Weighted was up 1.78 per cent at 133.90 and South Korea’s Seoul Composite was up 0.25 per cent at 1,628.79. More
Rally on Wall St, Dow up over 200pts (Business Standard 1st Feb 2008)Both the major Wall Street indices rallied on Thursday. While the Dow gained over 200 points, the Nasdaq Composite was up over 40 points.Infosys moved up nearly 4% to $41.40. Wipro and Tata Motors also finished with gains, but Satyam, ICICI Bank and Genpact declined. More
Indicators reveal markets set for challenging times (The Economic Times 1st Feb 2008)Bears seem to be moving in for the kill, if key numbers in the futures and options (F&O) market are any indication. The settlement day of the January series of derivative contracts saw traders acting in panic, leading to mis-pricing of many options contracts during the day. For instance, both the 5100 call option and the 5300 put option are quoted for most part of the day below their intrinsic value, providing mouth-watering opportunities for arbitrageurs. And other indicators reveal that the market is set for extremely challenging times in the immediate future. The Nifty index swung in a range of 200 points, before ending the day 30 points lower than Wednesday’s close. However, all eyes were on Nifty futures contracts expiring in February. These futures, which had seen low rollovers until Wednesday, added more than 1 crore shares in open interest to end the day at a huge discount of 53.85 points to the spot index. More
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