Money Tree

GLOBAL MARKETS

US Markets

The US markets saw a sharp cut of more than 1.5 percent yesterday after Countrywide Financial Corp. and Du Pont Co. announced disappointing results indicating a deeper problem in housing market.

Dow Jones closed at 13716.95 down 226.47 points or 1.62 percent.
Nasdaq Composite closed at 2639.86 down 50.72 points or 1.89 percent .

Europian Markets

The Europian markets also ended in the red with DAX and CAC down more than 1.5 percent.

FTSE (UK) closed at 6498.70 down 125.70 points or 0.60%. .
DAX (Germany) closed at 7806.79 down 137.42 points or 1.73%
CAC (France) closed at 5907.47 down 101.69 points or 1.69%.

Asian Markets

The Asian markets closed mixed on Tuesday.

NIKKEI(JAPAN) closed at 18002.03 up 38.39 points.
HANG SENG (HONG KONG) closed at 23472.88 up 107.32 points.
KOSPI (SOUTH KOREA) closed at 1992.26 down 0.79 points.
STRAITS TIMES (SINGAPORE) closed at 3665.13 up 29.78 points.
Composite Index (CHINA) Closed at 4210.32 down 3.032 points.
SENSEX (INDIA) closed at 15794.92 up 62.72 points.
NIFTY (INDIA) closed at 4620.75 up 1.4 points.

FOREX

USD/ INR 40.28
EUR/ USD 01.38
USD/ JPY 120.700

GOLD

8930/ 10gm

CRUDE

$73.56/ Bb

Today’s Market outlook

The US markets fell down on back of housing market concerns which seems to remain sluggish for some more months and Asian markets have also opened negative. We expect a gap down opening in the morning and NIFTY may drift down to 4560 where some buying may emerge and the markets may pull back during the day.