Asian markets in red; Nikkei down 117pts (Business Standard 18th Dec 2007)Asian markets are once again weak this morning following negative cues from the US markets.
Hang Seng has shed 399 points at 26,198. The Nikkei has plunged 117 points to 15,132.The Taiwan Weighted index has dropped 64 points to 7,767. The Straits Times has slipped 21 points to 3,333, the Seoul Composite index has declined 35 points to 1,860.
FIIs' net sell Rs 2,197cr in F&O on Monday (Business Standard 18th Dec 2007) The Foreign Institutional Investors (FIIs) were net sellers to the tune of Rs 2,196.83 crore in the futures & options segment on Monday.
Wall St slumps; ADRs tumble (Business Standard 18th Dec 2007) The Wall Street tumbled on Monday on fears of a possible stagflation - as credit worries continued amid rising prices. The Dow Jones industrial average slumped 173 points to 13,167. The Nasdaq plunged 61 points to 2574.
Upcoming US reports may add to market turbulence (The Hindu Busienss Line 18th Dec 2007) Indian markets succumbed on global cues on Monday after a resilient performance last week. Most global markets reversed last Tuesday after the Federal Reserve reduced interest rates by a minimal 25 basis points. The US markets received another blow on Friday when the US consumer price index surged 0.8 per cent in November, the largest one-month gain since September 2005.
The Dow Jones Industrial Average tumbled 1.3 per cent on that day on fears that the Federal Reserve would once again turn its attention to inflation fighting ruling out the possibility of further interest rate cuts. Indian stock markets moved in tandem with the other Asian markets .
The Dow Jones Industrial Average tumbled 1.3 per cent on that day on fears that the Federal Reserve would once again turn its attention to inflation fighting ruling out the possibility of further interest rate cuts. Indian stock markets moved in tandem with the other Asian markets .
Metal stocks get mauled on profit booking (The Hindu Busienss Line 18th Dec 2007) After rallying for the last few weeks, metal stocks bore the brunt of Monday mayhem selling on BSE. Metal index plunged a whopping 1,438 points or 7.28 per cent. This was the biggest fall among the sectoral indices. In fact, none of the 17-BSE Metal index stocks finished in the green.JSW Steel fell 13 per cent to Rs 1,163, Jindal Saw 10 per cent to Rs 929, Sterlite Industries 8.45 per cent to Rs 976, Tata Steel 6.15 per cent to Rs 824, Nalco 6.87 per cent to Rs 418 and SAIL 7.20 per cent to Rs 260.Last week many metal stocks hit their 52-week high. On Thursday, JSW Steel touched Rs 1,390, Jindal Saw Rs 1,089 and SAIL Rs 292. Nalco rose to Rs 467 on Friday, its one year high, while Sterlite Industries reached Rs 1,140 on Dec 6.
Bear run: Metals, realty hit most (The Economic Times 18th Dec 2007) "Market gira hai to kya baat hai, yaar... it's fallen after a good rise. Investors should not panic seeing this one-day fall. Today's market is just a reflection of world markets," was how SBICAP Securities' research head Anil Advani reacted to the selloff on Monday. "Investors should bear in mind that the market would be highly volatile in the months to come. They should invest in sectors with potential to move up. Banking, infrastructure and power sectors look good for long-term investments. It's thumbs down to FMCG and healthcare," Mr Advani added.
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