Traders remained hesitant Wednesday, keeping U.S. indices on the defensive.
Stocks were mainly in the red most of the day, but turned up towards the close
The U.S. dollar meantime dived again.
At the end of trading the Dow Jones Industrials were down 41.90 points or 0.34% to 12,254.99.
The Nasdaq Composite was up 12.53 points or 0.55% at 2,272.81.
The Standard and Poor's 500 at 1,333.70 was up 6.95 points or 0.52%.
The euro rose to a new record high against the dollar at 1.5275. Around the New York close it was quoted at 1.5264.
The Swiss franc climbed to 1.0364, and sterling to 1.9910.
The Australian dollar moved up modestly to .9336, while the Canadian dollar, recovered from the Bank of Canada 50 basis points rate cut earlier this week. It was quoted at .9852.
The Japanese yen was a touch weaker at 104.04.
Foreign exchange traders have sold the already beleagured dollar off sharply, following a string of Fed rate cuts since September last year, which has seen official interest rates reduced from 5.25% to 3%. Federal Reserve Chairman Ben Bernanke has hinted rates will be cut further if conditions warrant it.
Thursday, March 6, 2008
Market Commentaries- 05/03/2008
Market snaps four-day slide; Sensex garners 202 points
Snapping a four-day losing streak, the key benchmark indices surged in late trade today. Volatility was high. Index heavyweight Reliance Industries witnessed an upward momentum at the fag end of the trade. Software stocks were the flavor of the day. Banking, realty and power stocks dropped
19 out of 30 stocks from the Sensex pack were in the green. The market breadth was weak. European markets, which opened after Indian market, were in the green. Asian markets, which open before the Indian markets, were mixed.
The market remains close tomorrow, 6 March 2008 on account of Mahashivratri.
Wednesday, March 5, 2008
Market News 05/03/2008
Levels
ICICI Bank takes $264-m hit on overseas credit exposure
ICICI Bank has suffered marked to market losses of $264.3 million (about Rs 1,056 crore) on account of exposure to overseas credit derivatives and investments in fixed income assets. These losses are as on January 31, 2008. Marked to market losses happen when the current market value of an asset is lower than its acquisition value, requiring the holder of the asset to make a provision equivalent to the difference.
ESAB India reports 31% rise in net profit
Esab India recorded 31% rise in net profit to Rs 13.3 crore on 12% rise in net sales to Rs 87.8 crore. Its margins have been easing sequentially from 24.8% in the quarter ended June 2007 to 22.5% in the quarter ended September 2007, which has further eased to 21.9% in the quarter ended December 2007. But they are higher by 350 basis points from 18.4% in the quarter ended December 2006. On annual basis, its margins grew by 110 basis points to 23.3% in 2007 after modest 20 basis points rise to 22.6% in 2006 over the previous year.
Nestle India Q4 net up 50%, FY07 net up 31%
Nestle India, has reported a 49.9% increase in net profits at Rs 93.6 crore for the quarter ended December 31, 2007 when compared with Rs 62.5 crore for the quarter ended December 31, 2006. Total income increased to Rs 905.3 crore from Rs 743.6 crore for the quarter under review, a growth of 21.7%.
Essar wins oil block in Vietnam
Essar Exploration & Production (EEPL), Mauritius, a subsidiary of Essar Oil, has been awarded an offshore block in Vietnam’s Song Hong basin. The block is measuring approximately 5,925 sq km. The company will start exploration soon. Exploration phase is estimated to last five years with an investment of ~ $ 60 million. Essar Oil will consolidate its upstream exploration & production activities under EEPL. This will help build a strong, fully integrated oil company with upstream, refining and downstream marketing activities.
16754 –16924 – 17150 Above 16754, we have daily resistance of 16924 – 17150 -- 17515 with down gaps resistance at 17227 -- 17258. Above 17515 we have 18137.
16387– 16304 Buy area. If strong, markets will not break 16304.
If 16304 is not broken then we have a chance of crossing Tuesday’s high of 16754.
16164 – 16457 – 15332 If 16387 is broken then we have support at 16164 Tuesday’s low
Below 16164 we have daily swing support at 16457. If 16457 is broken then we have
weekly swing support at 15332 and then we have monthly swing support at 13779
16387– 16304 Buy area. If strong, markets will not break 16304.
If 16304 is not broken then we have a chance of crossing Tuesday’s high of 16754.
16164 – 16457 – 15332 If 16387 is broken then we have support at 16164 Tuesday’s low
Below 16164 we have daily swing support at 16457. If 16457 is broken then we have
weekly swing support at 15332 and then we have monthly swing support at 13779
ICICI Bank takes $264-m hit on overseas credit exposure
ICICI Bank has suffered marked to market losses of $264.3 million (about Rs 1,056 crore) on account of exposure to overseas credit derivatives and investments in fixed income assets. These losses are as on January 31, 2008. Marked to market losses happen when the current market value of an asset is lower than its acquisition value, requiring the holder of the asset to make a provision equivalent to the difference.
ESAB India reports 31% rise in net profit
Esab India recorded 31% rise in net profit to Rs 13.3 crore on 12% rise in net sales to Rs 87.8 crore. Its margins have been easing sequentially from 24.8% in the quarter ended June 2007 to 22.5% in the quarter ended September 2007, which has further eased to 21.9% in the quarter ended December 2007. But they are higher by 350 basis points from 18.4% in the quarter ended December 2006. On annual basis, its margins grew by 110 basis points to 23.3% in 2007 after modest 20 basis points rise to 22.6% in 2006 over the previous year.
Nestle India Q4 net up 50%, FY07 net up 31%
Nestle India, has reported a 49.9% increase in net profits at Rs 93.6 crore for the quarter ended December 31, 2007 when compared with Rs 62.5 crore for the quarter ended December 31, 2006. Total income increased to Rs 905.3 crore from Rs 743.6 crore for the quarter under review, a growth of 21.7%.
Essar wins oil block in Vietnam
Essar Exploration & Production (EEPL), Mauritius, a subsidiary of Essar Oil, has been awarded an offshore block in Vietnam’s Song Hong basin. The block is measuring approximately 5,925 sq km. The company will start exploration soon. Exploration phase is estimated to last five years with an investment of ~ $ 60 million. Essar Oil will consolidate its upstream exploration & production activities under EEPL. This will help build a strong, fully integrated oil company with upstream, refining and downstream marketing activities.
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