Pre Maret Outlook 20-May

The market is likely to open on a weak note taking cues from global markets. In US, The Dow and S&P 500 slipped on Tuesday as financial shares sank and on disappointing housing data, but the Nasdaq rose as investors snapped up technology shares ahead of results from Hewlett Packard. Most Asian stocks rose as the Japanese economy shrank less than economists estimated and oil prices rose to a sixmonth high. Finance companies declined. Japan’s economy shrank at a record 15.2 percent annual pace last quarter as exports collapsed and consumers and businesses cut spending. The U.S. housing starts dropped 12.8 percent in April to an annual rate of 458,000 units. The result for March was revised to a rate of 525,000 units, a decline of 8.5 percent from the previous month.
According to provisional data on NSE, foreign funds bought stocks worth a net Rs. 4792.56 crore on Tuesday, 19 May 2009. Domestic funds sold shares worth a net Rs. 1964.19 crore on that day.