Latest News

Sensex heading for lower opening

Thursday, November 27, 2008 , Posted by Linda at 5:17 PM

Dalal Street is expected to open in negative territory tomorrow, even as it may bounce back later in the day as terror attacks shook the country's financial capital, analysts say.
"The market will most probably open in negative territory but national fervour could help it in closing better," said Arun Kejriwal, director, Kejriwal Research and Investment Services.
Global research firm Moody's Economy.com said, "Although the terrorist attacks are expected to affect market sentiment, local investors in Mumbai are well acquainted with terrorism and unlikely to engage in panic selling."
Besides, in the July 2006 Mumbai train bombings, which killed over 150 people, the benchmark Sensex had continued to rise in the days following the blasts, Moody's report stated.
"But with the economic climate very different from 2006 and the current attacks aimed explicitly at foreigners, there is a chance that markets may react sharply when they open next," it added.
Ashika Stock Brokers research head Paras Bothra said that with the markets remaining closed today the investors have already discounted the impact of the attacks.
Terror attacks, which have rocked Mumbai since last night, included incidents of shooting at the Taj Hotel and Oberoi Hotel and have claimed at least 100 lives.
"Initially the market will be in negative territory but it may recover towards the end of trading and take global cues," Bothra said.
Both major stock exchanges today remained closed and said in a notice that "considering the prevailing abnormal situation and the government's advice to people to stay at home, it has been decided to keep the market closed for the day."

Currently have 0 comments: