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Pre-mkt: Nifty trendline support at 6,100 (Busienss Stasdard 13th DEc 2007) Nifty December futures settled at premium of 30 points as against premium of 10 points in the previous session. Nifty futures OI increased by 4.3 mn shares to 33.76 mn shares.FII's were net sellers in cash to the tune of Rs 385 crore and index futures were net buyers of Rs 200 crore with OI increasing by Rs 310 crore.
Asian markets in red; Nikkei down 188pts (Busienss Stasdard 13th DEc 2007)
Asian markets are mostly in negative zone this morning despite a pull back in the US markets on Wednesday.The Hang Seng has slipped 145 points to 28,375. The Nikkei has shed 188 points to 15,744.
FIIs' net sell Rs 322cr in F&O on Wednesday (Busienss Stasdard 13th DEc 2007) The Foreign Institutional Investors (FIIs) were net sellers to the tune of Rs 322.46 crore in the futures & options segment on Wednesday.
Wall St moves up; ADRs gain (Busienss Stasdard 13th DEc 2007) The Wall Street bounced back yesterday following a sharp drop on Tuesday. The Dow Jones industrial average gained 41 points at 13,474. The Nasdaq advanced 19 points to 2671.
Oil eases below $94 (The Economic Times 13th Dec 2007) Oil prices eased below $94 a barrel on Thursday, taking a breather after a rally of almost 5 percent in the previous session on a drawdown in US crude stocks and a move by major central banks to ease tight credit conditions.
Fed rate impact on stocks not on expected lines (The Hindu Business Line 13th Dec 2007) The popular belief is that equities are negatively correlated with interest rates. As interest rates move lower, stock prices move higher caused by investors moving funds out of debt (lower yields) in to equities and vice versa. But historic data suggests otherwise. Despite a 25 basis points cut in the Federal Funds Rate on December 11, the Dow Jones Industrial Average (DJIA) moved lower by 2 per cent and the Sensex was almost unchanged.
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