SENSEX 17404.20 +345.59
NIFTY 5295.55 +116.70
USD/INR 0051.33 +00.55
NASDAQ
3094.86 -00.50
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UPDATEDTIME 09.28 PM 30 MARCH 2012
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The Bombay Stock Exchange's Sensex
closed near intermediate resistance levels as investors cheered Finance
Minister Pranab Mukherjee's clarification that there will be no tax liability P-Notes
holders. It came as sigh of relief to the foreign institutional investors who
were jittery on concerns that participatory notes holders would become liable
to tax based on the provisions of the finance bill.
The minister said that government doesn't intend to harass genuine investors and necessary clarification will be issued in due course of time.
This clarification will certainly enable and create environment for FIIs to continue issuing the P-notes. Nervousness had set in as a result of amendments that were moved in the 2012 finance bill. I am hoping that this is going to act as facilitator for them to change their point of view and continue with business as usual.
According to analysts, the headwinds like inflation, high crude oil prices, weak rupee, interest rate, fiscal deficit and current account deficit persist and are likely to keep the markets rangebound in the near term. The next trigger will be the Reserve Bank of India's policy review meet and if the central bank cuts interest rates then it will boost sentiments.
The Sensex closed at 17404.20, up 345.59 points or 2.03 per cent. It touched intraday high of 17439.51 and low of 17105.22.
The National Stock Exchange's Nifty ended at 5295.55, up 116.70 points or 2.25 per cent. The broader index touched a high of 5307.10 and low of 5280.45 in trade today.
We made a low of 5170 and bounced off to close near the high of the week so that is a positive. Next week onwards we need to see follow through above 5300 for the intermediate rally or upswing to gather momentum.
On the downside, 5170 is really being tested in a fairly rough manner. On the downside that becomes your stop-loss support for any kind of long trades.
BSE Midcap Index was up 2.35 per cent and BSE Smallcap Index moved 2.04 per cent higher.
The minister said that government doesn't intend to harass genuine investors and necessary clarification will be issued in due course of time.
This clarification will certainly enable and create environment for FIIs to continue issuing the P-notes. Nervousness had set in as a result of amendments that were moved in the 2012 finance bill. I am hoping that this is going to act as facilitator for them to change their point of view and continue with business as usual.
According to analysts, the headwinds like inflation, high crude oil prices, weak rupee, interest rate, fiscal deficit and current account deficit persist and are likely to keep the markets rangebound in the near term. The next trigger will be the Reserve Bank of India's policy review meet and if the central bank cuts interest rates then it will boost sentiments.
The Sensex closed at 17404.20, up 345.59 points or 2.03 per cent. It touched intraday high of 17439.51 and low of 17105.22.
The National Stock Exchange's Nifty ended at 5295.55, up 116.70 points or 2.25 per cent. The broader index touched a high of 5307.10 and low of 5280.45 in trade today.
We made a low of 5170 and bounced off to close near the high of the week so that is a positive. Next week onwards we need to see follow through above 5300 for the intermediate rally or upswing to gather momentum.
On the downside, 5170 is really being tested in a fairly rough manner. On the downside that becomes your stop-loss support for any kind of long trades.
BSE Midcap Index was up 2.35 per cent and BSE Smallcap Index moved 2.04 per cent higher.
Amongst the sectoral indices, BSE Oil&gas Index gained 2.82 per
cent, BSE Realty Index moved 2.61 per cent higher, BSE Metal Index advanced
2.58 per cent and BSE Bankex was up 2.55 per cent.
Tata Steel (4.04%), Maruti Suzuki (3.76%), Hindalco Industries (3.73%), ICICI Bank (3.64%) Reliance Industries (3.23%) were the major Sensex gainers.
Dealing rooms were abuzz that fund buying activity was expected in Hindalco Industries. Dealers were confident of approval to Mahan Coal block.
Tata Steel (4.04%), Maruti Suzuki (3.76%), Hindalco Industries (3.73%), ICICI Bank (3.64%) Reliance Industries (3.23%) were the major Sensex gainers.
Dealing rooms were abuzz that fund buying activity was expected in Hindalco Industries. Dealers were confident of approval to Mahan Coal block.
Jindal Steel (-0.69%) and Sun Pharma (-0.23%) were the only
losers.
Market breadth was positive on the BSE with 1853 gainers against 866 losers.
Market breadth was positive on the BSE with 1853 gainers against 866 losers.
RAKESH MAKIN
+91,
9041667797(DIRECT), 9915684997
OFF
0172-4657997
PANCHKULA (Haryana).
Email:makin_97@yahoo.com
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