Key benchmark indices are likely to open firm today, 29 October 2008, mirroring strong global equities buoyed by hopes of interest rate cut by the US Federal Reserve in its meeting scheduled later during the day. However volatility is likely to be at fore as derivative contracts for October 2008 series expire today, 29 October 2008.
As per reports, marketwide rollover of positions was 51% while that of Nifty stood at 52% from October 2008 series to November 2007, by Tuesday, 28 October 2008.
India Inc.'s report card for the September 2008 quarter so far shows a muted bottomline growth, due to ballooning interest cost. Aggregate results of 1072 companies showed a 6.8% rise in net profit on 29.10% increase in net sales in Q2 September 2008 over Q2 September 2007. Interest cost jumped 30% in Q2 September 2008 over Q2 September 2007.
Cairn India, Mahindra & Mahindra, ONGC, National Aluminium Company and Suzlon Energy will declare their September 2008 quarterly results today, 29 October 2008.
US markets rallied on Tuesday, 28 October 2008 on bargain-hunting with expectations of a interest rate cut by the US Federal Reserve in its meeting scheduled later during the day propelled the rally. The Dow Jones surged 889.35 points, or 10.88%, to 9,065.12. It was the second-biggest point gain on record and the seventh-largest percentage gain. The S&P 500 index advanced 91.59 points, or 10.79%, to 940.51, and the Nasdaq Composite index added 143.57 points, or 9.53%, to 1,649.47.
Most Asian markets were trading higher today, 29 October 2008, following an overnight rally on Wall Street as hopes mounted for further interest rate cuts to shore up the global economy. Hong Kong's Hang Seng gained 2.76% or 348.12 points at 12,944.41. Japan's Nikkei rose 6.39% or 487.42 points at 8,109.34, Singapore's Straits Times surged 2.28% or 38.01 points at 1,704.50, South Korea's Seoul Composite advanced 3.30% or 32.98 points at 1,032.14, Taiwan's Taiwan Weighted was up 2.43% or 106.99 points at 4,506.96. However, China's Shanghai Composite was down 1.13% or 20.06 points at 1,751.7.
Firm global markets and relaxation of creeping acquisition norms for promoters boosted the battered bourses on the special one-hour Muhurat trading session for Samvat 2065 on 28 October 2008. The BSE 30-share Sensex jumped 498.52 points, or 5.85%, to 9,008.08 and the S&P CNX Nifty was up 167.70 points, or 6.64%, to 2,691.90, recording its biggest Muhurat day gain in 18 years.
Foreign institutional investors (FIIs) were net sellers worth Rs 69.18 crore while mutual funds bought shares worth Rs 24.78 crore on Tuesday, 28 October 2008, according to provisional data on NSE.
US light crude for December 2008 delivery was up $2.32 at $65.05 a barrel today, 29 October 2008 after US stock indices rallied, helping draw some investors back into beaten-down risk assets.
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