Profit booking likely on negative global cues Investors are Dalal Street are likely to witness another day of flat trade with some selling pressure due to profit booking from investors to lock in their gains. Expect the benchmak index or the Sensex to give up nearly 100 points or 0.7 percent for the day.
Stocks in Asia Pacific region are down on opening bell, as investors sold equities responding to the negative cues from Wall Street. Australia's S&P/ASX 200 slipped 0.6 percent, South Korea's Kospi is down 0.5 percent and the Japanese Benchmak Nikkei gave up 0.5 percent in early minutes of trade. Investors broke the stock market's four-day rally on Wall Street and sold off after data on the services industry and factory orders came in below forecasts.The Dow Jones industrial average fell almost 66 points, or 0.8 percent, while the Standard & Poor's 500 index fell 1.4 percent. The Nasdaq composite index, which has been outperforming the other indicators this year, fell just 0.6 percent. FMCG stocks sprung back to life in yesterday's trade as investors bet on sectors that have underperformed in the past 12 months. Textile stocks were on fire on hopes of favorable textile policy in the soming budegt. Some tax relief and relaxation of FDI norms is on cards. Stocks like Arvind Mills, Alok Textile and Skumar's were active and are likely to be major beneficiaries of the measure. Leather and Apparel stocks are also seeing some demand, as stocks like Crew BoS, Mirza tanneries and Evinix Apparel have shown a bullish pattern on Wednesday's trade. Oil related stocks like Cairn India might come under some pesuure after fall in crude prices. On the New York Mercantile Exchange, July crude settled down $2.43, or 3.54 percent, at $66.12. Overall the market is expected to remain in the negative territory, barring some gains in select midcap stocks.Watch out for some select stocks like Power Finance Corporation, Jyothy Laboratories, Nagreeka Exports and Divi's Laboatories. B.Karthick Research Analyst. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
