Profit booking hits global equities but Silver sizzles

All major global indexes lost anywhere between 1% and 3% as profit booking sets in. Asian markets closed with about 1% losses and the European markets closed with close to 2% cuts. US markets fall for second running and the DOW is currently trading over 200 poits down. S&P and Nasdaq are also trading close to 1.5% lower. US markets cracked after Walmart reported its numbers and cut its forecast, which lead to dampening of sentiment.

On the contrary Gold and Silver are trading very strong. Gold is up 2% while silver is up over 5%. With rupee likely to open with a slight negative bias tomorrow the commodities are expected to have a field day. After having rallied close to 4% over the past three trading sessions, the Indian equities are likely to come under pressure tomorrow.



----- Harish Sridharan