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Author Topic: Market to witness correction  (Read 402 times)

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manishds

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Market to witness correction
« on: May 05, 2010, 04:29:05 AM »
The Global markets give out negative cues this morning. U.S. stocks tumbled; with benchmark indexes slumping the most since February, as concern grew that Europe’s government debt crisis will spread beyond Greece. The euro slid below $1.30 for the first time in more than a year. European shares plunged, with the Stoxx Europe 600 Index erasing its gain for the year, amid concern that Greece’s debt crisis will spread through the region. This morning Asian stocks slumped, extending a global rout, as concern grew that Europe’s government debt crisis will spread beyond Greece. In commodities, Crude oil dropped for a second day after the dollar strengthened against the euro, curbing the appeal of commodities to investors, and a slowdown in Chinese manufacturing sent global equities lower. Gold declined for a second day in Asia as the dollar extended an advance, reducing the investment appeal of commodities. Copper rose from the lowest level in almost nine weeks on speculation yesterdays plunge overstated the risk from slowing China demand. The Indian markets taking cues from its global peers continue to trade in the negative territory breaching the 17000 mark. Almost all the sectoral and broader indices trade in red this morning with exceptions being the Healthcare and FMCG indices. The main draggers for the day are Metal, Realty and Consumer Durables indices as all the three indices trade more than two percentage point in red. Market breadth is negative with 445 advances against 2,036 declines. The Sensex trades in red at 16,934.06 declining 203.08 points or 1.19 percentage points. Nifty trades at 5085.85 declining 62.65 points or 1.22 percentage points.

Source: Dalal Street Investment Journal
www.dsij.in

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