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Indian shares may rise on firm Asia; investors wary

Indian shares may rise on firm Asia; investors wary
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First Published: Mon, Aug 13 2007. 09 39 AM IST
Updated: Mon, Aug 13 2007. 09 39 AM IST
Mumbai: Indian shares could start higher on Monday (13 August) after falling to their lowest close in more than a month in the previous session, taking cue from firm Asian markets as worries about a global credit crunch eased slightly.
“The market may remain positive in the first half of the session mainly supported by positive global cues, but the overall trading trend will not be very bullish,” said independent consultant S.P. Tulsian.
“Investors will continue to be very cautious after the last couple of days sell-off.” The benchmark 30-share BSE index fell 1.54% on Friday to 14,868.25, its lowest close since 5 July, as investors exited riskier assets on fears of a global liquidity crisis.
The index lost 1.85% on the week, its third successive weekly fall, and is now down 6.3% from a record 15,868.85 hit on 24 July.
Asian stocks rose today after central banks around the world pumped billions of dollars into banking systems in an effort to ease a widening credit crisis.
By 0333 GMT, Seoul rose 0.1%, Sydney was up 1.4% and Tokyo was trading 0.5 % higher.
In India, the 50-share NSE index ended down 1.59% at 4,333.35 points on Friday 10 August.
The Nifty August futures recovered part of their losses in a volatile session on 10 August to close with a discount of 34.15 points to the spot index as against a discount of 38 points in the previous session.
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First Published: Mon, Aug 13 2007. 09 39 AM IST