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Tuesday, November 30, 2010

Share Market Review and Trend

Indian Market:

It was a nice pull back on Monday, led by oil & gas, technology, financial, capital goods, FMCG, auto and select healthcare companies' shares, after witnessing a sell-off in previous four days. The benchmark Nifty closed above the 5800 - psychologically important level. Short covering could be the reason behind this nice pull back, which was imminent.

Housing Development Finance Corporation (HDFC), will reportedly make a big-bang entry into education. HDFC Chairman Deepak Parekh was quoted as saying that the group's blueprint will be ready shortly.

India's GMR Group said on Sunday it has agreed to divest its 50% stake in U.S-based power utility InterGen to China Huaneng Group for USD 1.23 billion to focus more on the Indian market.

Global Cues:

Most Asian markets were trading lower on Monday, 29 November 2010, on growing worries over the euro zone debt crisis, shrugging off Ireland's bail-out plan announced during the weekend. Tensions on the Korean Peninsula also weighed on the sentiment. The key benchmark indices in Singapore, South Korea, China, Hong Kong, Indonesia, slipped between 0.03% to 1.55%.

U.S. stocks fell this week, led by banks, amid concern that an Irish financial bailout will fail to stem Europe's debt crisis, China will raise interest rates to cool inflation and the Korean peninsula conflict will escalate.

Euro zone economic sentiment improved more than expected in November, data showed on Monday, led by more optimism among consumers, as well as in the services sector and in industry.

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