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Market to remain uncertain

This article was posted on Dec 19, 2008 and is filed under Market Outlook

The bulls will hope to Jingle all the way in this Christmas-shortened week. Having said that, the euphoria may prove to be short lived and the markets could turn lower again on concerns about a weakening global economic outlook.

A volatile market ended the day on a flat note, however, managed to hold above the 10k levels. It was the realty stocks which were in the limelight followed by the auto and the Pharma stocks. Finally, the BSE benchmark Sensex ended at 10,099 adding 23 points and the NSE Nifty index ended at 3,07 adding 16 points. Market breath was positive, 1,481 stocks advanced against 1,036 declines, while, 79 stocks remained unchanged. Among the 30-components of Sensex, the big gainers were DLF (10%), JP Associates (6%), M&M (4.2%) and Sterlite Ind (4.2%). On the other hand, major losers were Satyam (4%) and ONGC (3.2%).

Shares of C&C Construction rallied by over 6% to Rs214 after the company announced that it won order worth Rs7.81bn in Bihar. The scrip touched an intra-day high of Rs219 and a low of Rs208 and recorded volumes of over 2,000 shares on BSE. Shares of Wockhardt Pharma surged by over 3.2% to Rs107 after reports stated that the company was looking for potential buyers for its French subsidiary Negma laboratories to repay debt to investors. The scrip touched an intra-day high of Rs109 and a low of Rs103 and recorded volumes of over 1,00,000 shares on BSE. Shares of DLF surged by over 10% to Rs308 after the company announced that it unveiled its retail plans and aims for a targets of US$1bn revenue in five years.

Reports also stating that the company was planning to add five new international brands to its existing portfolio of its subsidiary DLF brands. The scrip touched an intra-day high of Rs314 and a low of Rs274 and recorded volumes of over 2,00,00,000 shares on BSE.

Shares of Suzlon Energy ended lower by 0.5% to Rs58. The company announced that it is in talks to sell a 5% stake to Carlyle Group for about US$100mn, stated reports. The scrip touched an intra-day high of Rs62 and a low of Rs57 and recorded volumes of over 5,00,00,000 shares on BSE.

KEC International advanced by 5% to Rs149 after the company announced that it secured Rs880mn order from Barki Tojik, national electricity company of Tajikistan. The scrip touched an intra-day high of Rs149 and a low of Rs142 and recorded volumes of over 1,00,000 shares on NSE.

The bulls will hope to Jingle all the way in this Christmas-shortened week. Having said that, the euphoria may prove to be short lived and the markets could turn lower again on concerns about a weakening global economic outlook. In the Indian market, we have the F&O expiry which could well show gains for the month.

The Government may drop more hints on its next round of stimulus package, which is also likely to include more rate reductions.

source: Indiainfoline

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