From: Tilak <tilak.wankhedkar@indiainfoline.com>
Date: Wed, Sep 2, 2009 at 9:39 AM
Subject: Daily Market Strategy - Bulls hope to rise later!
To: Tilak <tilak.wankhedkar@indiainfoline.com>
Regards,
Tilak
4060 9102
9322 562 700
Our greatest glory is not in never failing, but in rising up every time we fail.
The promise of more glory for the bulls post 4700 levels on the Nifty has failed for now. The sell-off was mostly led by a slide in global markets. The China factor too continues to play spoilsport, though that market is bucking the global freefall today. Other Asian markets are in the red, taking their cues from overnight losses on Wall Street and Europe.
Our market too is set to open lower, keeping in sync with the world. Tuesday saw a turnaround and then a tumble, which came on higher volumes. The usual rumors of basket selling and some fund going bust did the rounds as the selling intensified.
We also had disappointing reports on manufacturing PMI and exports. Monsoon has been weak and could have an adverse fallout on the overall economic activity. The Government is trying it best to keep the mood of the nation upbeat by projecting a rebound from the fourth quarter. The fact is growth is set to be lower than last fiscal, and a turnaround will be painfully slow. The market could turnaround faster!
FIIs were net sellers at Rs6.36bn in the cash segment on Tuesday on a provisional basis while the local funds pumped in Rs3.67bn, according to figures published on the NSE's web site. In the F&O segment, the foreign funds were net buyers at Rs11.37bn. On Monday, FIIs were net sellers at Rs862mn in the cash segment.
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