Stocks on Dalal Street are likely to take a beating once again after taking a plunge on Monday. Expect the benchmark index or the Sensex to lose close to 1 percent or 150 points for the day. F&O expiry might influence the moves in the markets to a greater extent.
Asian markets tumbled in early trade as investors dumped equities.Japanese shares suffered broad losses in early Thursday trading in Tokyo, with oil and auto-maker shares among the bigger losers. Japan's Nikkei 225 Average fell by 2% to 9,873.95 sinking below 10,000 for the first time since and the Topix lost 1.5% to 875.47. Australia's ASX 100 lost more than a percent in early morning trades.
Signs of a weaker housing market and a gloomier outlook on the economy gave investors more reasons to dump stocks.The Dow Jones industrial average lost 119 points, or 1.2 percent, in its third straight triple-digit drop.The Standard & Poor's 500 index slid 20.78, or 2 percent, to 1,042.63. The Nasdaq dropped 56.48, or 2.7 percent, to 2,059.61.
We seen a great deal of resilience inspite of negative global cues yesterday.Rs to Realty and Tech stocks led the bounce where as the banking sector took a hit. We see some selling coming in, in the technology space today. We advice traders to stay out of the markets in this volatile environment. Today, being the F&O expiry date might increase the confusion about the direction of the markets.
Think Soft proved to be a great short idea yesterday, as the stock opened at Rs 215 and hit a low of RS 183 providing good opportunity for the shor sellers. We advice risk takers to go short in this scrip again at Rs 225 levels.The sugar story looks to sweetened, so book profits in Balrampur Chini and Bajaj Hindustan at current levels. Stay away from stocks like Educomp Solutions, Sasken Communications and HDIL as these are too risky to bet ahead of the quarterly results.