Walstreet Today : March 26,2008

Source : CNN

Bad day again on Walstreet today. Dow jones lost around 110 points (0.9%) and S&P also lost 0.9% and NASDAQ (0.7%)

Triggers
1.Weak Economic news
2.High Commodity prices ( oil and gold). Oil raised 4$ per barrel
3.Bearish analyst note on investment firm earnings.
4.Oracle results which met estimates on sales but missed in forecasts.
5.Orders for manufactured goods slumped 1.7% in February versus forecasts for a rise of 0.8%
6.January's drop in durable goods was revised to 4.7% from an initial read of 5.3%
7.Ford Motor said that it will sell luxury brands Jaguar and Land Rover to India's Tata Motors Ltd. in a deal worth about $1.7 billion
8.The dollar fell versus the euro and the yen

What tomorrow on Walstreet
1. Homebuilder Lennar quarterly earnings report
2. Weekly jobless claims report
3. reading on GDP growth

Impact on India :
Indian Markets are under pressure for today based on the cues from US. The market will open with a gap down and can undergo servere selling pressure . Already Asian markets are witnessing this with Nikkie down by 200 points (1.64%) and Hang Seng by 374 points. I assume , NIFTY will retest its recent lows and interesting to see if it breaks 4600 levels or not. Also today is the expiry date of the F&O segment.

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