MARKET ENDED 25.02.2010

MARKET ENDED 25.02.2010 THURSDAY

SENSEX 16254.20 -1.77

NIFTY 4859.75 +1.15

NASDAQ 2242.03 -1.84

DJIA 10383.80 -18.97

RS/$ 46.16 +0.31

Indian markets ended little changed on Thursday as traders squared positions on final day of February F&O series. Capital goods, IT and banks provided support while FMCG and oil & gas stocks proved laggards.

Equities opened on a subdued note and remained lackluster throughout the session. There was some knee-jerk reaction on release of the Economic Survey, which sees FY10 fiscal deficit at 6.5 per cent and revenue deficit at 4.6 per cent with 2004-05 GDP base. However, indices failed to move sharply in either direction. Tepid European markets also failed to provide support.

Friday, equities are likely to swing either ways as Finance Minister Pranab Mukherjee presents the Union Budget for 2010-11.

We expect the Finance Minister to chalk out a comprehensive roadmap for controlling the fiscal deficit situation in India. The export sops that were announced last year could be continued. There could also be some emphasis on agriculture.

However, We do not expect any significant announcements regarding the progress of the Direct Tax Code, implementation of the GST will seemingly be postponed to 2011. Do not expect any tinkering with the STT and the capital gains tax rate in the Budget.

With the economy back on a reasonable growth path, some of the stimulus provided earlier might be withdrawn, in terms of a partial rollback of the excise duty.

National Stock Exchange’s Nifty ended at 4859.75, up 1.15 points or 0.02 per cent. The index touched a low of 4835.60 and high of 4880.15 in intraday trade.

Bombay Stock Exchange’s Sensex closed at 16,254.20, up 1.77 points or 0.01 per cent. The 30-share index hit intraday low of 16167.13 and high of 16329.33.

The BSE Midcap Index was down 0.4 per cent and BSE Smallcap Index moved 0.18 per cent lower.

Amongst the sectoral indices, BSE FMCG Index was down 0.83 per cent, BSE Oil&Gas Index fell 1.05 per cent and BSE PSU Index slipped 0.15 per cent. BSE Capital Goods Index moved 1.27 per cent higher and BSE IT Index gained 0.55 per cent.

Biggest Sensex gainers were Larsen & Toubro (2.47%), Maruti Suzuki (2.37%), Hero Honda (1.44%), Infosys Technologies (1.37%) and ACC (1.15%),

Hindustan Unilever (-2.71%), Tata Motors (-2.69%), Jaiprakash Associates (-2.27%), NTPC (-2.03%) and Reliance Communications (-1.59%) were the losers.

Market breadth on BSE showed 1521 declines against 1278 advances.

European markets were rangebound with positive bias and US stocks were likely to open in the red. Dow Jones Futures was down 0.31 per cent, S&P 500 futures fell 0.43 per cent and Nasdaq 100 declined 0.45 per cent.

Regards,

RAKESH MAKIN

Chugh securities Pvt Ltd

+91 9915684997,9041667797(DIRECT)

OFF 0172-4657997

PANCHKULA (Haryana).

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