: Last week we saw markets going marginally up after good global cues. It was one of the most volatile weeks on the bourses with benchmark indices gyrating sharply as profit booking alternated with short covering before the F&O expiry date. While a big bailout package in which the US Government promised USD 326 billion to Citigroup helped the markets rebound, the buzz that Bank of America could be a potential bailout candidate spooked market participants.
BSE Sensex: (9093) the market had a positive bias as expected but the market has to confirm the up move and that will happen when the market starts to trade above 9236.
We said ‘The market broke the crucial 9631 levels and came down towards the 27th October low but did not violate the 27th October low and closing in the positive indicating strength. The low of 8316 is a good low to work and the next logical target in the days to come would be 10324 and may find some selling pressure in the vicinity of 9635’
It must have been one of the worst weeks in our nation’s recent history. The nation and the city of Mumbai lived through a long ordeal of terror. As the embers of the smoke dies out the nation will wake up to add up the economic and political costs. In the deafening noise of the gunfire, important data fell by the way side. The second quarter GDP data came in actually better than expected at 7.6%.
Television Eighteen India has decided to subscribe to 15,000,000 warrants of ibn18 Broadcast to be allotted on preferential basis, which would be convertible into equity shares of ibn18 at Rs 102 per share. This allotment shall be made at the same price at which ibn18 has allotted shares to QIBs in its recently concluded QIP.
