DATE CLOSE OPEN NET CHNG % CHANGE
25-Jan-08 18361.66 17221.74 1139.92 6.6
25-Mar-08 16217.49 15289.40 928.09 6.1
14-Nov-07 19929.06 19035.48 893.58 4.7
23-Oct-07 18492.84 17613.99 878.85 5.0
23-Jan-08 17594.10 16729.94 864.13 5.2
Tuesday, March 25, 2008
Dollar Falls on Speculation U.S. Consumer Confidence Is Waning
The dollar fell the most against the euro in two weeks on speculation industry reports will show U.S. consumer confidence dropped to a five-year low and the housing slump deepened.
The dollar dropped from a one-week high against the yen as Deutsche Bank AG economists joined those forecasting the economy will suffer a recession. The U.S. currency also weakened against the Australian and New Zealand dollars, favorite targets of so- called carry trades, as a rally in European and Asian stocks encouraged investors to buy higher-yielding assets.
``Interest rates will continue to come down and that means that the dollar is going to continue to weaken in the short term,'' said Peter Rosenstreich, the chief market analyst at ACM Advanced Currency Markets SA in Geneva. ``Our base case scenario is very much grounded in the U.S. going into recession and probably deeper and longer than we had expected.''
The dollar fell to $1.5544 per euro at 10:12 a.m. in London, the biggest drop since March 12 based on closing prices, from $1.5423 late yesterday in New York. It declined to 100.51 yen, from 100.74 yesterday. The euro rose to 156.24 yen, from 155.39. The pound gained to $1.9915 from $1.9855. The dollar will fall to $1.58 per euro in coming weeks, Rosenstreich forecast.
Against the Australian dollar, also known as the Aussie, the U.S. currency weakened to 91.36 U.S. cents, from 90.59 cents yesterday. It declined to 80.39 U.S. cents per New Zealand dollar from 79.77 cents and dropped 2.1 percent versus the Korean won, to 976.6.
The dollar dropped from a one-week high against the yen as Deutsche Bank AG economists joined those forecasting the economy will suffer a recession. The U.S. currency also weakened against the Australian and New Zealand dollars, favorite targets of so- called carry trades, as a rally in European and Asian stocks encouraged investors to buy higher-yielding assets.
``Interest rates will continue to come down and that means that the dollar is going to continue to weaken in the short term,'' said Peter Rosenstreich, the chief market analyst at ACM Advanced Currency Markets SA in Geneva. ``Our base case scenario is very much grounded in the U.S. going into recession and probably deeper and longer than we had expected.''
The dollar fell to $1.5544 per euro at 10:12 a.m. in London, the biggest drop since March 12 based on closing prices, from $1.5423 late yesterday in New York. It declined to 100.51 yen, from 100.74 yesterday. The euro rose to 156.24 yen, from 155.39. The pound gained to $1.9915 from $1.9855. The dollar will fall to $1.58 per euro in coming weeks, Rosenstreich forecast.
Against the Australian dollar, also known as the Aussie, the U.S. currency weakened to 91.36 U.S. cents, from 90.59 cents yesterday. It declined to 80.39 U.S. cents per New Zealand dollar from 79.77 cents and dropped 2.1 percent versus the Korean won, to 976.6.
Oil falls 1.5 per cent, nears $100 mark on profit taking
Oil fell by $1.50 to near the $100 a barrel mark on Monday, extending last week's deep losses as funds sought to lock in first-quarter profits and Saudi Arabia reassured consumers of its plans to boost supply. US light crude for May delivery fell $1.51 to $100.33 a barrel in Globex electronic trading by 0100 GMT. Prices dropped by nearly $9, about 8 percent, last week as investors fled the commodities complex on fears that gains had been overdone, giving a boost to the beleaguered dollar in the process.
London Brent crude fell $1.12 cents to $99.26. "I think there's still a lot of profit taking in the market and that is pushing down oil prices. The US dollar is also bouncing back from major currencies so that's adding to the downward pressure," said Tetsu Emori, a Tokyo-based fund manager at Astmax Co Ltd. "The market could also be reacting to comments from Saudi Arabia." Saudi Arabia said on Sunday it was working to expand its oil production and refinery capacity in order to maintain world economic growth, reaffirming its vow to invest tens of billions of dollars in new wells and infrastructure. "The kingdom will work with OPEC countries, other producers and consuming countries towards oil market stability and to avoid the effects of harmful speculation," the Supreme Council of Petroleum and Mineral Affairs said in a statement following a visit by US Vice President Dick Cheney. Washington has said it wants Saudi Arabia to help raise OPEC production to ease prices, but the producers' cartel has resisted pumping more crude due to fears of weakening demand
London Brent crude fell $1.12 cents to $99.26. "I think there's still a lot of profit taking in the market and that is pushing down oil prices. The US dollar is also bouncing back from major currencies so that's adding to the downward pressure," said Tetsu Emori, a Tokyo-based fund manager at Astmax Co Ltd. "The market could also be reacting to comments from Saudi Arabia." Saudi Arabia said on Sunday it was working to expand its oil production and refinery capacity in order to maintain world economic growth, reaffirming its vow to invest tens of billions of dollars in new wells and infrastructure. "The kingdom will work with OPEC countries, other producers and consuming countries towards oil market stability and to avoid the effects of harmful speculation," the Supreme Council of Petroleum and Mineral Affairs said in a statement following a visit by US Vice President Dick Cheney. Washington has said it wants Saudi Arabia to help raise OPEC production to ease prices, but the producers' cartel has resisted pumping more crude due to fears of weakening demand
Tata Motors close to inking deal with Ford
Tata Motors is on the verge of making automotive history. After demonstrating it can build the world's cheapest car, it is now set to acquire the iconic Jaguar and Land Rover - brands that are among the most expensive in the world. Sources close to developments at the company said Tata Motors has signed an agreement with Ford for both brands and that an announcement is expected mid-week, perhaps as early as Tuesday or Wednesday. It is still unclear how much Tata Motors will pay for the acquisition. Speculation is that both companies have agreed to a value in the region of $2-3 billion. To meet fund requirements, a consortium of banks including JP Morgan Chase, Citigroup, BNP Paribas, State Bank of India and Standard Chartered helped the Tatas raise $3 billion. Sources said that while a good part of this money would go towards funding the deal itself, the other part would be used to meet working capital requirements.
Certificate of Registration of 35 stock broker calcelled
The Securities and Exchange Board of India has cancelled the licences of 35 stock brokers of which 8 members belong to NSE and 27 members belong to OTCEI. These stock
brokers were expelled from their activities. It was alleged that these brokers had also failed to pay fees to SEBI. Consequent to the expulsion, they also failed to comply with one of the condition for the grant of certificate of registration as specified in 4(a) of Securities Exchange Board of India (Stock Brokers and Sub Brokers) Rules, 1992 (now repealed on September 07, 2006). Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Rules, 1992 is hereinafter referred to as the Rules for the sake of brevity. The provisions of the above said rules had been simultaneously specified in the Securities and Exchange Board of India (Stock Broker and Sub-Broker) Regulation 1992. The brokers have failed to pay fees to SEBI as required under rule 4(d) of the said rules.These brokers are required to hold a membership certificate with NSE in order to get a license from SEBI as mentioned under para 1.1 in terms of
rule 4(a) of the above said rules. Secondly, the brokers have to pay the SEBI fees mentioned
under rule 4(d) of the said rules. Since these brokers no longer fulfill this essential criterions
and therefore their certificates of registration are liable to be cancelled.
brokers were expelled from their activities. It was alleged that these brokers had also failed to pay fees to SEBI. Consequent to the expulsion, they also failed to comply with one of the condition for the grant of certificate of registration as specified in 4(a) of Securities Exchange Board of India (Stock Brokers and Sub Brokers) Rules, 1992 (now repealed on September 07, 2006). Securities and Exchange Board of India (Stock Brokers and Sub-Brokers) Rules, 1992 is hereinafter referred to as the Rules for the sake of brevity. The provisions of the above said rules had been simultaneously specified in the Securities and Exchange Board of India (Stock Broker and Sub-Broker) Regulation 1992. The brokers have failed to pay fees to SEBI as required under rule 4(d) of the said rules.These brokers are required to hold a membership certificate with NSE in order to get a license from SEBI as mentioned under para 1.1 in terms of
rule 4(a) of the above said rules. Secondly, the brokers have to pay the SEBI fees mentioned
under rule 4(d) of the said rules. Since these brokers no longer fulfill this essential criterions
and therefore their certificates of registration are liable to be cancelled.
MARKET OUTLOOK
GLOBAL MARKET IS HOT AFTER REVISE OFFER OF BEAR STERN TO $10 PER SHARE.INDIA WILL FOLLOW THE TREND NIFTY WILL OPEN GAP UP.RANGE FOE NIFTY IS 4600-4650-4700-4800.FINAL SL FOR ALL LONG IS 4550 IS ADVISABLE,FOR LONG SIDE BANKING AND FINANCIAL SERVICE IS LOOKS GOOD DUE TO SHORT COVERING.IN OIL&GAS SPACE RELIANCE IS LOOKS POSITIVE.OVERALL MARKET O I IS 61000 CR(APROX). PUT CALL RATIO IS .85.
HAVE A NICE TRADING DAY
HAVE A NICE TRADING DAY
Subscribe to:
Posts (Atom)