Money Tree

GLOBAL MARKETS

US Markets

The US markets fell yesterday after a brokerage downgraded Countrywide Financial to “Sell” and there were rumours in the markets that it may go bankrupt, the stock fell 13 percent to close at $21.29.

Dow Jones closed at 12861.47down 167.45 points or 1.29 percent.
Nasdaq Composite closed at 2458.83 down 40.29 points or 1.61 percent .

Europian Markets

The Europian markets closed negative yesterday.

FTSE (UK) closed at 6109.30 down 34.20 points or 0.56%. .
DAX (Germany) closed at 7445.9 up 20.83 points or 0.28%
CAC (France) closed at 5442.72 down 35.94 points or 0.66%.

Asian Markets

The Asian markets saw a sharp cut on Wednesday.

NIKKEI(JAPAN) closed at 16475.61 down 369.00 points.
HANG SENG (HONG KONG) closed at 21375.72 down 631.60 points.
KOSPI (SOUTH KOREA) closed at 1688.38 down 129.51 points.
STRAITS TIMES (SINGAPORE) closed at 3273.25 down 113.34 points.
Composite Index (CHINA) Closed at 4820.064 up 70.695 points.
SENSEX (INDIA) closed at 15000.91 down 16.3 points (On tuesday).
NIFTY (INDIA) closed at 4370.20 down 3.45 points (On tuesday).

FOREX

USD/ INR 40.64
EUR/ USD 01.34
USD/ JPY 115.89

GOLD

8845/ 10gm

CRUDE

$73.33/ Bbl

Today’s Market outlook

Our markets were closed yesterday when the global markets were falling, today again the Asian markets have opened deep in the red down from 2 to 6 percent, some markets have fallen upto 8 percent in last two days, the US credit crisis is now at its peak involving companies like Countrywide and it surely will have impact on other global markets. Yen has appreciated to less than 116 per dollar mark indicating a lot of carry trade unwinding, the rupee has also been now depreciating and is now trading above 41 per dollar mark on back of heavy unwinding by the foreign investors. Today we expect a deep gap down opening and the markets may breach the recent lows. Sensex is expected to fall around 14500 levels and NIFTY could test 4230 levels.