Profit Booking To Keep Indices Under Check
DSIJ Intelligence / 18 Oct 2013
There is always an excitement on the street ahead of an expected event. And that excitement fizzles out when the event actually happens. Similar has been the story for the equity markets globally. Ahead of the debt ceiling deal and re-opening of the US government, there was lot of excitement amongst the investors. However as the event occurred, that enthusiasm seems to have faded. It is clearly visible from the fact that the equity indices globally are trading flat.
There is always an excitement on the street ahead of an expected event. And that excitement fizzles out when the event actually happens. Similar has been the story for the equity markets globally. Ahead of the debt ceiling deal and re-opening of the US government, there was lot of excitement amongst the investors. However as the event occurred, that enthusiasm seems to have faded. It is clearly visible from the fact that the equity indices globally are trading flat.
The Dow Jones Industrial Average yesterday closed marginally down. We feel the statement made by Obama that the just-ended fiscal crisis undermined US credibility abroad and also slowed the slower economic growth at home, may have affected the markets. Even the European markets remained flat despite lower than expected rise in current account.
As for the Asian markets, the markets are almost trading flat with marginal gains. However the Nikkei is trading in red with marginal decline. The noticeable factor is, Nikkei had remained volatile today. It opened in negative zone then recovered to enter the positive zone. Shanghai is up 0.08% and Hang Seng is the biggest gainer with 0.66% gains.
As for the Indian markets there are no immediate triggers today. And hence we expect the market to open on a flat note with marginal gains. And afterwards we expect profit booking to take the indices southwards. Yesterday also we had seen the similar kind of trade where the markets opened in green and then in later part of trading session the profit booking resulted in Sensex closing in red. The SGX Nifty is trading at 6105 showing gains of around 0.50%.
On the results front, today there are some big ticket results announcements like Larsen & Toubro, Info Edge India and Crisil.
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