Money Tree

GLOBAL MARKETS

US Markets

The US markets closed almost flat on friday with Dow and Nasdaq posting minor gains.

Dow Jones closed at 13120.94 up 15.44 points or 0.12 percent
Nasdaq Composite closed at 2557.21 up 2.57 points or 0.11 percent.

Europian Markets

The Europian Markets closed slightly in the red.

FTSE (UK) closed at 6418.70 down 50.70 points or 0.78%
DAX (Germany) closed at 7378.12 down 8.90 points or 0.12%
CAC (France) closed at 5930.77 down 13.67 points or 0.23%

Asian Markets

The Asian markets closed weak, down from 0.5 to 2.25 percent.

SENSEX (INDIA) closed at 13908.58 down 320.30 points or 2.25%
NIFTY (INDIA) closed at 4083.5 down 94.35 points or 2.26%
BSE MIDCAP (INDIA) closed at 5733.53 down 54.5 points or 0.94%
BSE SMALLCAP (INDIA) closed at 6941.48 down 75.84 points or 1.08%

FOREX

USD/ INR 41.09
EUR/ USD 01.36
USD/ JPY 119.50

GOLD (MCX)

9137/ 10gm

CRUDE

$66.41/ Bb

Today’s Market outlook

US and Europe closed almost flat on friday and Asia has opened gap down with Hang Seng down about 367 points, Kospi down about 09 points and Straits Times down about 35 points. The chinese Central Bank has hiked CRR and has resulted in weakening in Hong Kong and other Asian Markets.
Relliance Communications will come out with its quarterely numbers today and ICICI Bank is planning to raise 20,000 crore from Indian and foreign markets indicating an increased need of funds to fund the ongoing economic boom. Our markets are expected to remain in a consolidation mode as we do not have good global cues and no such domestic triggers are there. If we go down further and NIFTY remains below 4045, we might be in a short term down trend.

Stocks to Watch

Mindtree Consulting

The stock had made a high near 1100 and then came down to 750 level. On friday the stock was closed at Rs. 778 and the company has announced very good set of quarterely numbers with net profit at Rs. 90 crores versus Rs. 54 crores in the corresponding last quarter. The stock is very volatile and might shoot up in the morning on the back of good results.

ICICI Bank

With the news of ICICI Bank’s raising 20,000 crores from domestic and foreign markets the stock may see some slide down as the present capital will be diluted and until the price and terms of new issue is not known the stock will be under pressure. The stock was closed at Rs. 935 on friday. Sell in the morning to gain some intra day profits.