Indian Stock market ended on a positive note even after being terror-struck in the financial capital - Mumbai. Due to this violent terror-strike in Mumbai, expiry of Futures and Options happened on Friday instead of Thursday. Nifty ended the week at 2755.10 with a gain of 2.29% or 61.65 points. Sensex gained 177.51 points or 1.99% to close the week at 9092.72.
Inflation numbers have eased further down to 8.84% from 8.90% and Crude Oil is hovering in the range $52 - $55
FII selling has come down significantly. FII sold worth 800 Cr but our domestic fund houses bought worth 500 Cr.
India's Gross Domestic Product (GDP) for the second quarter (July-September) Q2 of 2008-09 was 7.6%. India's GDP was 9.3% in the same quarter last year and in the last Quarter it was 7.9%. Numbers indicate the confirmation of slowdown in the Indian economy but it seems to be a reasonable growth amdist global meltdown.
Last week, US government bailed out Citibank and issued a fresh rescue package of $800 B for small business and consumer loans. China has initiated another rate cut.
A positive action of rate cut is expected by RBI soon to boost the momentum back into the indian economy.
Indian Stock Market is in an oversold state and for now its Trader's Paradise and Investors take a ride.
Happy Trading!
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