Reliance, SBI To Set Trend Of Stock Mkt, Says Vishwas Agarwal

Reliance, SBI To Set Trend Of Stock Mkt, Says Vishwas AgarwalIndian stock market belled the day negatively after falling 2.45% during its last closure tracking depressing signs from worldwide shores sparked by fresh worries that the global banking crisis may be far from over.

The 30-share index, BSE Sensex, today (Wednesday, Jan 21) opened at 8,900 after losing 199.77 points.

High hopes for details on how the new US government would deal with the rising banking crisis and stumbling economic system were dampened as the inaugural lecture by Barack Obama finished up the inauguration speech with little new information to digest.

Asian stocks also dropped, led by financial corporations and metals manufacturers, on fear mounting bank losses internationally will strengthen the worldwide slump and compress demand for the region’s commodities.

At 10:00 a.m., the 30-share index Sensex was down by 199.77 points at 8,900.78 after hitting a high of 8,900.78 and a low of 8,900.78.

In the meantime, the broad based Nifty was trading lower by 41.30 points at 2,755.30 after touching a high of 2,787.30 and a low of 2,737.35.

For the quarter ended December 31, 2008, technology giant Wipro Group recorded a growth of 17.55% to Rs 10,039 million, as against Rs 8,540 million during the same quarter previous year. Meanwhile, on a standalone basis, the company’s income fell by 8.84% to Rs 7,330 million from Rs 8,041 million last year.

The major losers in the Sensex pack were Ranbaxy Laboratories (7.93%), ICICI Bank (6.87%), Wipro (5.64%), DLF (3.85%), Reliance Energy (3.79%), and Bharti Airtel (3.19%) were the major losers in the Sensex.

Technical analyst, Vishwas Agarwal stated that on BSE, 9,350 level is very important to sustain for making money in market safely.

According to him, from this week some positive news will boost the market sentiments as markets have already reflected all the bad news.

“Reliance Industries and SBI will be the leading stocks and will set the trend so watch the two stocks for judging the mood of the market. I feel there will be less downside and some upside moves which will be beneficial to the markets; let us wait for market events,” Mr. Agarwal added.

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