Saturday, July 28, 2007

 

India stock market update 29 June 2007

The US market sneezed, and the rest of the world had a cold. Over Thursday and Friday, the US Down Jones and NASDAQ both had big falls, due to a combination of bad results, and fears that the mortgage crisis will take its toll on overall credit. Credit is the most important reason for the stock rise in the Indian market, Chinese market and numerous other developing markets. If the investments by FII's show any sign of collapsing, then things can get sticky for the Indian market. Indian FI's can be very hesitant, given that their base is Indian investors, who get very skittish when the market becomes volatile.
Overall, with a 540 point drop in the Indian sensex, things suddenly turned red after a decent upturn for the past 2 weeks. Things are somewhat scary now, although there is one good news that Indian companies overall gave a good earnings report. So, unless there is a major credit problem or liquidity crunch, the market will overall keep on gaining. So, keep a watch on stocks, sell the ones that seem to have gone up tremendously without a corresponding gain in fundamentals, and overall be watchful. Keep a SIP to invest part of the money in Mutual Funds, and also, for safety's sake, use these times of high interest to get some good Fixed Deposits.
Some stocks that I am currently tracking:
1. Era Constructions: Rs. 532
2. Ion Exchange: Rs. 162
3. JMC Projects: Rs. 285
4. Trigyn Tech: Rs. 31
5. Nirlon: Rs. 70.50

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