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Selling pressures push Indian markets down, US markets marching towards red

Nifty registered huge short positions. Reliance Industries, NTPC, ICICI Bank, Sterlite Industries, Bajaj Hindustan, Balrampur Chinni, IDBI, Lanco Infra all closed in the red. Overall the Sensex is down 8.5% during the week. Emerging Markets too are down. Brazil fell 12%, Philippines and the US Markets too fell drastically during the week.

Reliance Power IPO sucked out a lot of liquidity in the market. The IPO is one of the most welcomed IPO in recent times  by both short term and long term investors.

Wipro released its numbers today registering the third weak quarterly growth for the IT major – blame the slow down of the US economy.

GE announced its Q4 Earning numbers today. The US Markets opened positive but soon lost the cheer. Almost all major US indices are slowly dipping into the red. Russell 2000 is down by over 1.23%

Add commentJanuary 18th, 2008

US markets close in red after caution of economic slow down

The news of the economic slow down for the year and the highlighted need for easing of policy coupled with the reported losses by few well known financial institutions has triggered heavy selling in the markets. NASDAQ opened positive but the scene took a reverse course in just an hours time. The lows only continued to be increasing as hours passed by. NASDAQ closed down 1.99%.

DJIA closed down 2.46%. S&P 500 closed down 2.91% while Russell 1000 is down by 2.92%. The signal of the day is that the US markets are down. Need to wait and see how the Asian markets will take this up.

Add commentJanuary 18th, 2008