Asian markets nosedive in early trading : Week Ahead looks Grim

Asian markets declined in the initial session of trading on Monday (Mar. 17, 2008) after the Federal Reserve cut its discount interest rate at an emergency meeting and JPMorgan Chase agreed to buy Bear Stearns Cos.

All Asian stock benchmarks opened negatively. The dollar declined to the lowest against the Swiss franc and a 12-year low against the yen.

Japanese benchmark index Nikkei lost 514.61 points, or 4.20%, to trade at 11,726.99.

Hong Kong`s index Hang Seng declined 1,029.26 points, or 4.63%, to trade at 21,207.85.

China`s Shanghai Composite went down 85.21 points, or 2.15%, to trade at 3,877.47.

Taiwan`s Taiex index lost 232.97 points, or 2.85%, to trade at 7,928.42.

South Korea`s KOSPI lost 52.30 points, or 3.28%, to trade at 1,547.76.

Singapore`s Straits Times declined 86.36 points, or 3.04%, to trade at 2,752.65.

Indian ADRs end lower

US stocks retreated on Friday (March 14), after a near meltdown at Bear Stearns Cos. handed investors the unwelcome confirmation that the credit market`s troubles are far from over.

The Dow Jones industrial average fell 194.65 points, or 1.60%, to 11,951.09. The NASDAQ composite index fell 51.12 points, or 2.26%, to 2,212.49.

The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.44% in late trading from 3.53% late Thursday.

Majority of the Indian ADRs ended on a negative note barring Patni Computers that ended higher 2.69% at USD 10.69.

Losers:

Company	USD	% Decline
Sterlite	18.95	0.37
ICICI Bank	40.34	4.50
Wipro	10.31	3.19
Infosys	33.94	2.83
HDFC Bank	95.12	3.04
Satyam	22.06	1.56
Tata Motors	15.43	2.22
MTNL	4.80	8.05
Tata Communications	23.15	3.86
Dr Reddy`s	13.57	1.45

Indian MFs remain net sellers in equities worth Rs 3,806 mn on Mar. 13

Mutual funds (MFs) remained net sellers in equities worth Rs 3,806 million on March 13. They bought equities worth Rs 6,470 million and sold equities worth Rs 10,276 million. Till March 13, they have been net sellers in equities worth Rs 11,566 million.

MFs remained net buyers in the debt segment worth Rs 13,171 million on March 13. They bought debts worth Rs 20,336 million and sold debts worth Rs 7,165 million. Till March 13, they have been net buyers in debts worth Rs 42,155 million.

FIIs turn net sellers in equities worth Rs 1,725 mn on Mar. 13

Foreign institutional investors (FIIs) turned net sellers in equities worth Rs 1,725 million (USD 42.80 million) on March 13. They bought equities worth Rs 34,577 million and sold equities worth Rs 36,302 million. Till March 13, they have been net sellers in equities worth Rs 15,180 million.

According to the provisional figures available at the NSE, FIIs remained net sellers in the equity segment worth Rs 3,580 million on both BSE and NSE on March 14. They bought equities worth Rs 33,966 million and sold equities worth Rs 37,546 million. Total turnover in the cash segment of NSE stood at Rs 135,878.8 million on March 14.

However, FIIs were absent in debt segment on March 13. Till March 13, they have been net sellers in debts worth Rs 4,143 million.

FIIs remained net buyers in derivatives worth Rs 2,550.2 million on March 13. They bought derivatives worth Rs 41,107.6 million and sold derivatives worth Rs 38,557.4 million.