Money Tree

GLOBAL MARKETS

US Markets

The US markets plunged again on friday on concerns of slowing down of takeovers and acquisitions with tightening of credit conditions. The markets were down about 1.5 percent on friday.

Dow Jones closed at 13265.47 down 208.10 points or 1.54 percent.
Nasdaq Composite closed at 2562.24 down 37.10 points or 1.43 percent .

Europian Markets

The Europian markets also closed in the red.

FTSE (UK) closed at 6215.20 down 36.00 points or 0.58%. .
DAX (Germany) closed at 7451.68 down 57.28 points or 0.76%
CAC (France) closed at 5643.96 down 31.09 points or 0.55%.

Asian Markets

Taking cues from US markets the Asian markets also saw a sell off on Friday.

NIKKEI(JAPAN) closed at 17283.81 down 418.28 points.
HANG SENG (HONG KONG) closed at 22570.41 down 641.28 points.
KOSPI (SOUTH KOREA) closed at 1883.22 down 80.32 points. .
STRAITS TIMES (SINGAPORE) closed at 3492.7 down 87.03 points.
Composite Index (CHINA) Closed at 4345.35 down 1.101 points.
SENSEX (INDIA) closed at 15234.57 down 541.74 points.
NIFTY (INDIA) closed at 4445.2 down 174.6 points.

FOREX

USD/ INR 40.51
EUR/ USD 01.36
USD/ JPY 118.740

GOLD

8720/ 10gm

CRUDE

$77.02/ Bb

Today’s Market outlook

The US markets fell again on Friday and the situation is not looking too good out there. Reliance Industries and SBI have declared good numbers in the weekend and the fundamentals of our economy are intact with a reasonably good earnings season. The Asian markets have opened mixed in the morning with Nikkei down more than 100 points and Shanghai is up more than 1.5 percent. We do not see a major downfall today, we may open weak but some buying interest is expected to emerge at lower levels.

Stocks to watch

ITC

The stock has been in a state of consolidation for a long time between 145 to 160 levels, now after its good quarterly results the stock has made a break out from its previous range and may head towards Rs. 200 levels. The stock was closed around Rs. 172 on friday and is a good value buy near these levels.

HUL

Hindustan Unilever Ltd. has come out with reasonably good numbers during the weekend and has fixed the buyback price at Rs. 230 per share. On friday the stock was closed at Rs. 195.9, it can be bought near these levels for a short term target of Rs. 220.