7th May 2012 Morning Market Updates :
Indian markets opened with gap down as Asian jumbos opened more than 2% on lower side.Nifty tested 5000 level and may test 4970, still we strongly recommend not to short at this level, but you can hold previous short positions in Nifty with a trailing (EOD) stop of 5050.
Asian shares tumbled Monday as investors reacted to data that raised fresh fears about the health of the U.S. economy and European elections that added to jitters about the euro zone’s future.
“Worries about a double-dip recession in the U.S. ... were compounded by election results in Europe. The [poll] results weren’t surprising, but they just add to the uncertainty,” said Shane Oliver, head of investment strategy at AMP Capital.
In Tokyo, which had been closed since Wednesday, Japan’s Nikkei plunged 2.6%.Hong Kong’s Hang Sang Index fell 2.5%, although the Shanghai Composite Index lost a more modest 0.3%.
Indian markets opened with gap down as Asian jumbos opened more than 2% on lower side.Nifty tested 5000 level and may test 4970, still we strongly recommend not to short at this level, but you can hold previous short positions in Nifty with a trailing (EOD) stop of 5050.
Asian shares tumbled Monday as investors reacted to data that raised fresh fears about the health of the U.S. economy and European elections that added to jitters about the euro zone’s future.
“Worries about a double-dip recession in the U.S. ... were compounded by election results in Europe. The [poll] results weren’t surprising, but they just add to the uncertainty,” said Shane Oliver, head of investment strategy at AMP Capital.
In Tokyo, which had been closed since Wednesday, Japan’s Nikkei plunged 2.6%.Hong Kong’s Hang Sang Index fell 2.5%, although the Shanghai Composite Index lost a more modest 0.3%.
Australia’s S&P/ASX 200 index dropped 1.9%, while South Korea’s Kospi fell 1.7%.
The losses came after Wall Street fell sharply Friday, reacting to data showing just 115,000 jobs were added to the U.S. economy last month, well below the 163,000 job additions that had been penciled in by economists.
Weekend elections in France and Greece added to pressure on stocks and commodities Monday.
In France, polls indicated that President Nicolas Sarkozy had lost to Socialist challenger Francois Hollande, who had indicated he wants to renegotiate Europe’s fiscal compact and its tough budget rules.
In Greece, exit polls showed that the center-right New Democracy Party and the center-left Pasok party — both supporters of the country’s most recent bailout — took a drubbing.
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