2006-07-11 03:40:20 · 6 answers · asked by Gauri Shanker Goel 2 in Business & Finance ➔ Investing
the market might open with a steep fall with the major institutions selling and later these institutions will buy back restoring the sensex and making the profit by eroding the common mans wealth. Remember the best time to buy invest when the worst news is around.
2006-07-11 05:52:05 · answer #1 · answered by soulsizzler 1 · 1⤊ 3⤋
Indian Stocks Trading in the U.S. Tumble After Mumbai Blasts
July 11 (Bloomberg) -- Indian stocks trading in the U.S. tumbled after several deadly explosions rocked the commercial capital of Mumbai today, worsening investor confidence at a time global investors are pulling money away from riskier markets.
Infosys Technologies Ltd., the country's second-largest software maker and one of its best-known global companies, fell more than 4 percent and paced a decline for technology stocks.
``This likely will affect investor confidence in the near term,'' said John Augustine, who helps manage $22 billion as chief investment strategist at Fifth Third Asset Management in Cincinnati. ``India has a lot to lose if the situation isn't stabilized soon.''
Mumbai was rocked by seven explosions on trains and in commuter stations during the height of rush hour. As many as 137 people were killed and 450 injured. The Lashkar-e-Taiba terrorist group, which seeks an end to Indian control of Jammu & Kashmir state, claimed responsibility for the nation's worst terrorist attack in 13 years.
Infosys American depositary receipts, each representing one share, slid $2.46, or 3.2 percent, to $75.29 after falling as much as 4.4 percent. Wipro Ltd. ADRs, each representing one share of India's third-biggest software maker, declined 28 cents, or 2.2 percent, to $12.29.
Satyam Computer Services Ltd. ADRs, each representing two shares of India's fourth largest software maker, tumbled $1.01 to $32.29. Dr. Reddy's Laboratories Ltd. ADRs, each representing one share of India's third-biggest drugmaker, dropped 77 cents to $28.22. HDFC Bank Ltd. ADRs, each representing three shares of the No. 3 Indian lender, slid $1.70 to $51.31.
The attacks came after the close of Indian stock markets. The Bombay Stock Exchange Sensitive Index, or Sensex, fell 0.7 percent to 10,614.35, declining for the third time in four days after Hero Honda, the country's biggest motorcycle maker reported lower-than-forecast profit.
The index has fallen 16 percent from the record it reached on May 10 as global investors pulled back from riskier emerging markets in the face of higher interest rates.
Overseas funds have bought a net $2.75 billion in Indian stocks and $23.4 million in bonds this year, down from a record $9.46 billion in stocks and bonds in 2005, according to the Securities & Exchange Board of India.
The Bank of New York Co.'s Asia ADR Index, which tracks the region's American depositary receipts, fell 0.9 percent to 139.81.
2006-07-11 21:40:16 · answer #2 · answered by Anonymous · 0⤊ 0⤋
In all likelihood, the market will nosedive by hundreds of points!
2006-07-11 10:49:23 · answer #3 · answered by Sami V 7 · 0⤊ 0⤋
sure it will loose around 200-300 points
2006-07-11 11:03:18 · answer #4 · answered by WOLVERINE 4 · 0⤊ 0⤋
No idea....but its really very sad as to what has happnd today.
2006-07-11 10:46:23 · answer #5 · answered by MJ 3 · 0⤊ 0⤋
will open with down side gap no more idea
2006-07-11 12:01:57 · answer #6 · answered by nirmalketan 3 · 0⤊ 0⤋