Indian stock market morning report (October 14, 2008, Tuesday)

October 14, 2008

Asian markets predictably opened strong this morning, following the rally in US stocks overnight. The Nikkei gained 13% this morning, boosted by from international government measures to pour cash into struggling banks and restore confidence in the global financial system. Following the government interventions across continents, the market slide seems to have been reversed for the moment. However, back home the picture is clearly not rosy, as evident from the weak growth in IIP. The September quarter results will be keenly watched by market players to decide on trading strategies. As for today, we expect the domestic markets to have strong opening, though some profit-taking is likely in the later part of the trading session.

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