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Nikkei hits 10-week low

Oct 052009
 

nikkei-houseJapan’s Nikkei average hit a 10-week low on Monday, dented by shares of exporters on concerns over the fragility of the US economic recovery and lingering worries about the yen’s recent strength. But a surge in shares of Fast Retailing, which saw domestic same-store sales at its Uniqlo casual-clothing chain jump 32 per cent in September, provided support to the benchmark index, which earlier moved in and out of negative territory.

“With eyes increasingly on corporate earnings reports for the first half of Japan’s business year, investors are betting the stronger yen will no doubt drag on exporters’ outlooks,” said Masayoshi Okamoto, head of dealing at Jujiya Securities.

In see-saw trade, the Nikkei dipped 0.4 per cent to 9,692.24, after falling as far as 9,671.39, its lowest since July 22.

The broader Topix slipped 0.9 per cent to 866.41. Weaker-than-expected US jobs data weighed on investor confidence, although analysts said the numbers had not drastically altered expectations that the US economy would recover gradually.

“While the data was bad and optimism about the US economy may have receded, I do not think market players think that this means that the outlook for the US economy is ruined,” said Hideyuki Ishiguro, supervisor at Okasan Securities’ investment strategy department.

“I think it just means market sentiment has returned to neutral for the time being,” Ishiguro added.

The Nikkei fell 5.2 per cent last week, its worst weekly loss in about three months. It has fallen below trendline support drawn from its March trough near 7,021 and through its July low near 9,050, and on Friday the benchmark index dropped below the bottom of the cloud on daily Ichimoku charts.

Some analysts say the next downside target may be 9,500, with a break below that opening the way for a drop towards its July low of 9,050.
Banking shares rose after having recently been battered by worries that lenders may come out with share offerings in the face of a global regulatory push for banks to carry bigger capital buffers.

Top bank Mitsubishi UFJ Financial Group climbed 1.8 per cent to 453 yen and Mizuho Financial Group added 2.3 per cent to 178 yen. The banking sector subindex rose 0.5 per cent.

Nomura Holdings shot up 5.6 per cent to 564 yen. Shares of Japan’s largest brokerage plunged after it last month unveiled a $5.6 billion share sale plan aimed partly at meeting tougher capital requirements.

“Short-covering after a sell-off is buoying financial shares,” said Mitsuo Shimizu, deputy general manager at Cosmo Securities.

“Investors are also betting Nomura’s share sales price will be decided soon, possibly today. Usually, selling on worries about the erosion of demand and supply tends to run its course once such prices are set.”

Fast Retailing soared 16.4 per cent 13,710 yen. The big jump in sales was helped by the onset of cold weather which boosted demand for autumn goods and by a five-day weekend in September.
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Stocks are expected to remain subdued

Aug 072009
 

share-marketsStocks are expected to remain subdued Friday as cues, both domestic and international, offer little or no support.
US stocks fell on Thursday as investors turned cautious a day ahead of a crucial government report on July employment, and took profits after recent strong gains.

A Reuters survey forecasts that the Labor Department report will show 320,000 workers lost their jobs in July, the least for any month since September last year.

The Dow Jones industrial average .DJI declined 24.71 points, or 0.27 percent, to 9,256.26. The Standard & Poor’s 500 Index .SPX fell 5.64 points, or 0.56 percent, to 997.08. The Nasdaq Composite Index .IXIC slid 19.89 points, or 1 percent, to 1,973.16.

Asian markets declined as well on valuation concerns and tracking Wall Street cues. The Nikkei fell 1.01 per cent, Topix lost 1.9 per cent, Hang Seng shed 1 per cent and Straits Times declined 1.05 per cent.

Meanwhile, monsoon rains back home dipped for the second straight week at a crucial period for oilseeds and sugarcane, and raising concerns of rising food prices. Last week’s rainfall, 64 percent blow normal, was the worst since mid-June, the India Meteorological Department said on Thursday. The government is worried that the weak monsoon will hamper growth making revival of the economy a daunting task.

Traders pressed the panic button towards the fag end of the session Thursday, after reports suggested that below-than-expected rainfall may force the government to declare some states as drought-hit. Rainfall for the week to August 5 stood at 23.5 mm, which is 66% below normal, media reports suggested. This is seen as a major concern for economic growth.

National Stock Exchange’s Nifty settled at 4585.75, down 2.31 per cent or 108.4 points from the previous close. The index slipped to a low of 4559.20 from a high of 4718.15.

Bombay Stock Exchange’s Sensex declined 2.45 per cent or 389.80 points to 15,514.03. The index crashed to a low of 15,443.22 from a high of 15,969.81.
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Metals and realty stocks were the worst

Jul 132009
 

share-market-india2Stocks opened sharply lower on Monday dragged down by a major sell off across the board. Metals and realty stocks were the worst
Bombay Stock Exchange’s Sensex was at 13289, lower by 215 points while National Stock Exchange’s Nifty dipped 61 points to 3942.65.
US equities languished in the negative territory after a report showed that US consumer sentiment took a beating early July, dropping to a four-month low. The Dow Jones industrial average was down 48.37 points, or 0.59 percent, at 8,134.80. The Standard & Poor’s 500 Index fell 4.72 points, or 0.53 percent, at 877.96. The Nasdaq Composite Index was up 1.95 points, or 0.11 percent, at 1,754.50.
Stocks across Asia followed suit as the weak sentiment on Wall Street rubbed on to other parts of the world, dragging commodity prices. The Nikkei lost 0.54 per cent, Topix shed 0.33 per cent, Hang Seng retreated 0.46 per cent and Straits Times fell 0.34 per cent.
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Japan’s Nikkei average was little changed on Friday,

Jul 102009
 

nikkei-houseJapan’s Nikkei average was little changed Friday, giving back earlier gains as caution prevailed over upcoming corporate earnings and
economic indicators.

Some retailers of inexpensive items such as clothing chain Fast Retailing rose after booking quarterly profit gains as they found favour with price-conscious consumers, while chip equipment maker Tokyo Electron gained on a jump in orders.

The benchmark Nikkei rose as much as 0.9 per cent in early trade, as a pull back in the yen from recent peaks buoyed shares of exporters. However, the advance lost steam and the Nikkei inched down 3.6 points to stand at 9,287.46 by midday.

The index rose to an eight-month high of 10,170.82 in June but has declined steadily since. The broader Topix dipped 0.2 per cent to 872.11.

Market participants said some of the selling was technical in nature, caused by dealers’ selling related to the monthly option settlement known in Japan as the special quotation or “SQ”. Wariness also prevailed with U.S. earnings season set to go into full swing. “There is caution ahead of earnings releases by major U.S. corporations. Key economic indicators due out in the United States next week, like industrial output, are also a cause of concern firmly capping prices,” said Kenichi Hirano, operating officer at Tachibana Securities.

Fast Retailing edged up 0.1 per cent to 11,700 yen after posting a 27 per cent jump in third-quarter operating profit and raising its annual forecast for a third time. Shoe retailer ABC Mart advanced 1.6 per cent to 2,550 yen after it said first quarter operating profit rose 7.3 per cent, helped by aggressive store openings and strong sales growth in ladies shoes after expanding and marking down its offering of cheaper brands.

Tokyo Electron, the world’s No. 2 chip equipment maker, rose 2.8 per cent to 4,360 yen after orders climbed 82 per cent in April-June from the previous quarter. “Bargain hunters are tip-toeing in after the market sank rapidly over a short period of time, with relief coming from the yen’s stalled advance,” said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments. “But from a broader perspective the market is still in an adjustment phase, with participants wanting to see how corporate earnings pan out first.”

Some exporters, hit the previous day in response to the yen’s surge to a five-month high against the dollar, gained as the yen pulled back.

The dollar edged down 0.1 per cent to 92.90 yen after falling to around 91.80 earlier in the week. Toyota Motor Corp rose 0.3 per cent to 3,410 yen and Honda Motor Co gained 0.7 per cent to 2,340 yen.

Other gainers included NOK Corp, Japan’s top maker of seals for automobiles, which jumped 8.3 per cent to 1,163 yen after Nikko Citigroup raised its rating to “buy” from “hold” and its price target to 1,270 yen from 1,130 yen. But Kawasaki Kisen and other shippers fell after the Baltic Exchange’s main sea freight index, which tracks rates to ship dry commodities, hit a fresh six-week low on Thursday with a lack of strong interest for cargoes weighing on the market.

Kawasaki Kisen dropped 3.3 per cent to 350 yen, Mitsui OSK Lines fell 2.7 per cent to 543 yen and Nippon Yusen retreated 3.1 per cent to 381 yen. Trade picked up on the Tokyo exchange’s first section, with 1 billion shares changing hands, compared to last week’s morning average of around 955 million shares. Advancing shares outnumbered declining shares by 794 to 771.
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Down opening likely on weak Asia

Jun 232009
 

asian-stock-market1Dark clouds are overcast on Dalal Street as the global situation turns murky. F&O expiry is also due later this week which will add
to the volatility as fresh short will be built up. Metal stocks are likely to be the worst hit as global commodity prices tumble.

US stocks suffered their worst one-day loss in the last two months as investors resorted to a broad-based sell-off, jittery about the global economic health. The Dow Jones Industrial Average dropped 200.72 points, or 2.35 per cent, to end at 8,339.01. The Standard & Poor’s 500 Index was down 28.19 points, or 3.06 percent, at 893.04 and the Nasdaq Composite Index was down 61.28 points, or 3.35 per cent, at 1,766.19.

Among Asian markets, slump in commodity prices took a toll on equities on renewed fears that the economy revival will take longer than expected. The Nikkei dropped 3 per cent, Topix fell 2.64 per cent, Hang Seng shed 3.09 per cent and Straits Times dipped 1.93 per cent.

Back home, Indian markets ended with huge losses Monday as investors continued to book profits across the board ahead of June series F&O expiry. Sentiments were also affected with the poor opening of European markets and volatile US stock futures
.

Bombay Stock Exchange’s Sensex ended at 14,326.22, down 195.67 points or 1.35 per cent. The index touched an intra-day low of 14269.77 and high of 14668.40.

National Stock Exchange’s Nifty closed below crucial support of 4250. The index ended at 4235.25, down 78.35 points or 1.82 per cent. The index touched an intra-day low of 4221.90 and high of 4352.25.
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The euphoria on Dalal Street continues

May 202009
 

bombay-stockThe euphoria on Dalal Street continues unabated especially in the broader market offsetting the losses in the frontline stocks and the
weakness in overseas markets. A flat opening is likely based on the sideways move on the SGX Nifty after which the market will chart its own course as the day progresses.

On the data front, inflation data is expected around noon. According to a Reuters poll, inflation is forecast for a 0.61 per cent rise in the wholesale price index in the 12 months to May 9, compared with a 0.48 percent rise the previous week.

US stocks retreated overnight as traders booked profits after their recent rally and as the Federal Reserve offered a pessimistic view on the revival of the economy. The Fed cut its 2009 forecast for gross domestic product and raised its outlook for unemployment. The Dow Jones Industrial Average slipped 53.21 points, or 0.63 percent, at 8,421.64. The Standard & Poor’s 500 Index settled at 903.42, down 4.71 points, or 0.52 percent. The Nasdaq Composite Index lost 6.70 points, or 0.39 per cent, to end at 1,727.84.

Stocks across Asia were trading lower mirroring Wall Street. The Nikkei lost 1.17 per cent, Topix fell 1.04 per cent, Hang Seng dipped 1.42 per cent and Straits Times shed 1.1 per cent.

Back home, key indices ended a volatile session in the negative terrain Wednesday, as investors booked profits in over-priced frontline stocks. However, mid and small cap shares were buzzing with activity. Metals, auto and healthcare rallied while banks and oil&gas bucked the trend.

Bombay Stock Exchange’s Sensex ended at 14,060.66, down 241.37 points or 1.69 per cent. The index touched an intra-day low of 13976.49 and high of 14405.51. National Stock Exchange’s Nifty ended at 4270.30, down 48.15 points or 1.11 per cent. The broader index touched an intra-day low of 4244.70 and high of 4362.85.
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Equities open lower

May 202009
 

images4 Frontline stocks opened on a negative note on Thursday while secondline counters continued their outperfomance. Sectorwise, banking and
auto stocks posted moderate losses even as realty and consumer durables edged higher.

Bombay Stock Exchange’s Sensex was at 13977, down 87 points while National Stock Exchange’s Nifty was trading at 4255, lower by 14 points.

US stocks retreated overnight as traders booked profits after their recent rally and as the Federal Reserve offered a pessimistic view on the revival of the economy. The Fed cut its 2009 forecast for gross domestic product and raised its outlook for unemployment.

The Dow Jones Industrial Average slipped 53.21 points, or 0.63 percent, at 8,421.64. The Standard & Poor’s 500 Index settled at 903.42, down 4.71 points, or 0.52 percent. The Nasdaq Composite Index lost 6.70 points, or 0.39 per cent, to end at 1,727.84.

Stocks across Asia were trading lower mirroring Wall Street. The Nikkei lost 1.17 per cent, Topix fell 1.04 per cent, Hang Seng dipped 1.42 per cent and Straits Times shed 1.1 per cent.
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A market rally set on upa win

May 172009
 

rbi-governorA market rally is on the cards on Monday after the in the recent general elections reassuring investors of a
stable government at the Centre. In fact, analysts forecast the market to hit a 10 per cent upper circuit after the SGX Nifty surged 11.4 per cent in morning trade.

Various legislation relating to insurance, pension, labor, banking etc which congress was willing to pass but was not able to clear because of hurdle from alliances are likely to get cleared. The expectation of managing the huge fiscal deficit by new government under the leadership of

Dr.Manmohan Singh will improve. World will see more stability in India and fund will flow towards India. We have seen the appetite of foreign investor in the recently concluded DLF block deal. Lot of money is waiting to enter Indian market and we may see near term strong rally not only for Monday but even thereafter,

Ahead of the results, foreign institutional investors pumped in funds to the tune of Rs 983.86 crore into the stock market Friday while domestic institutional investors made
a net investment of Rs 432.47 crore in equities.

The UPA’s 250+ tally has managed to beat the most optimistic political analyst on the street and this ‘thumping’ victory has set the stage for the Congress led UPA to come back to power. Further, the possibility that the UPA could form the government without the Left will further soothe investors’ nerves.

The markets are expected to rally as fresh money from FIIs and those waiting on the sidelines on account of the political uncertainty, makes its way into Indian stockmarkets. Investors must remain ‘long’ on India to take advantage of the long-term wealth creation opportunities that Indian stockmarkets have to offer.”

Meanwhile, US stocks took a beating on Friday after energy shares slumped given the drop in oil prices on worries about weak demand, eclipsing fresh reassuring economic data. The Dow Jones Industrial Average declined 62.68 points, or 0.75 per cent, to 8,268.64, the Standard & Poor’s 500 Index dropped 10.19 points, or 1.14 per cent, to 882.88 and the Nasdaq Composite Index eased 9.07 points, or 0.54 per cent, to 1,680.14.

Asian stocks declined Monday mirroring Wall Street after corporates like Panasonic posted losses in its last quarter and as oil prices slumped denting sentiment. The Nikkei fell 2.86 per cent, Topix lost 2.74 per cent, Hang Seng shed 1.6 per cent and Straits Times dipped 1.09 per cent.

Back home, on Friday, benchmarks ended sharply higher Friday ahead of general election results. Bombay Stock Exchange’s Sensex closed at 12,173.42, up 300.51 points or 2.53 per cent. The broader index hit a high of 12219.54 and low of 11948.70.

National Stock Exchange’s Nifty ended at 3671.65, up 78.20 points or 2.18 per cent. The index touched an intra-day high of 3686.25 and low of 3597.85.
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