Posted by: Babu Suresh | February 10, 2009

10th Feb. 09 – NSE Trading Session

Nifty Spot 1M ChartNifty_Spot_1M100209

There was a sudden reaction in the market during the day based on the news emerged from Japan on Russian Banks debts.

Nifty Fut. clocked a volume of 34 million with Nifty spot comfortably placed above its nearest support level 2855. Market is eagerly awaiting for the outcome of vote on account in the offing, with a little hope on easing of tax structures, which is long over due.

Nifty Spot 5Min. ChartNifty_Spot_5M_100209

By Ishaq Siddiqi

LONDON (Dow Jones)–European stocks traded sharply lower early Tuesday as
investors remained concerned about the passage through the United States
Congress of economic stimulus and bank-rescue schemes.   They have found little
clarity from the U.S. on the stimulus plans, said Manoj Ladwa, senior trader at
ETX Capital. Reports that the U.S. Treasury appears to be backing away from the
‘bad bank model,’ instead favoring a public-private investment fund for older
toxic assets only adds to the uncertainty, added Ladwa.
At 0940 GMT, the Dow Jones Stoxx 600 index was down 1.2% at 196.95. London’s
FTSE 100 was down 1.5% at 4240.22, Frankfurt’s DAX was down 1.7% at 4587.49 and
Paris’s CAC-40 was off 1.5% at 3085.77.
Shares in UBS traded 3.1% higher to CHF13.30, reversing early loses, despite
the Swiss bank reporting a narrower fourth-quarter net loss and announcing plans
to cut 15,000 jobs by the end of this year in its loss-making investment bank.
In Asia, shares markets were mixed Tuesday, with Japanese and Korean stocks
down. Japan’s Nikkei 225 closed down 0.2% to 7945.94, while the Korean Kospi was
off 0.3% to 1198.87.
There was a brief flurry of action in the Asian session when a report from a
Japanese news agency suggested Russian regional banks will ask foreign creditors
to reschedule up to $400 billion of loans. European currencies came under
pressure, as did emerging market debt. But this possibility has since been
talked down strongly by Russian banking spokespeople, who said it was only ever
one idea they discussed.
In the U.S. Monday, markets closed largely flat. The Dow Jones Industrial
Average was down 0.1% at 8270.87 and the Standard & Poor’s 500 closed up 0.1% at
In the foreign exchanges, the euro fell sharply in Asia on the Russian bank
story, but has since recovered a touch. At 0945 GMT, the single currency stood
at $1.2930, down from with $1.3003 late Monday in New York, while the dollar
stood at Y91.20, below Y91.46. Sterling stood at $1.4840, weaker compared to
European government bond markets were becalmed with March bund futures up
0.05 on the day at 121.77 and the equivalent gilt future down 0.10 at 116.94.
The March 10-year treasury note traded up 0.075 at 121.255 from Monday’s close
at 121.180.
-By Ishaq Siddiqi, Dow Jones Newswires; +44-20-7842-9488; ishaq.

Click here to go to Dow Jones NewsPlus, a web front page of today’s most
important business and market news, analysis and commentary: You can
use this link on the day this article is published and the following day.

(END) Dow Jones Newswires
February 10, 2009 04:51 ET (09:51 GMT)

Copyright (c) 2009 Dow Jones & Company, Inc.

Healthy And Wealthy Trading


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