CROSSOVER OF 6570 CRUCIAL FOR THE UPMOVE IN NIFTY TO CONTINUE. EYE ON TCS, L&T

   Indian markets are expected to open with uptick as global/domestic cues are largely supportive. U.S. stocks climbed as housing data bolstered confidence in the economy and Vladimir Putin said Russia isn’t seeking to split Ukraine. Asian stocks are mixed to negative as investors weighed the prospect of further sanctions against Russia and awaited the Fed Res. policy statement. FIIs data yesterday was quite decent as they purchased Rs 1012 crs in cash markets and Rs 415 crs in index futures.However they sold good Rs 632 crs in stock futures. Tech stocks to remain under pressures as TCS said in a meeting with analysts on Tuesday that it expects a weak fourth quarter on account of a slow start to the year after the holiday season and a softer‖ Indian market, echoing the sentiments expressed by rival Infosys Ltd last week. Top management selling L&T shares may weigh on its stock. On Tuesday, Nifty gained marginally by 12 points to close at 6516. Select large cap stocks like Maruti, SBI, Coal India, ITC and Reliance held the market in

positive territory.PSU Bank, Refinery and Cement stocks witnessed buying. On the other hand Tech and Capital Goods witnessed profit booking. Maruti remained the biggest gainer after the news that the board review Gujarat project, as the board has decided to take minority shareholders nod. Maruti surged by 7% to close at Rs1865. However M&M and Tata Motors declined by 3% each. PSU banks witnessed smart rally on expectation of interest rate cut. SBI gained by 3% to close at Rs1701. Others like PNB, Bank of Baroda, Union Bank and Bank of India gained by 2-3%. Tech stocks like TCS and Infosys declined by 1% each. Among the Capital Goods stocks L&T and BHEL witnessed profit booking.The Nifty wavered in giving a direction to the market. Opening positive at 6532, the Nifty went up right at the start to 6574 and started to decline monotonously to hit 6497 and recover to end at 6516, up 12 points for a 0.19% gain. The Nifty is consolidating after its 350 points straight run from approx. 6200 to 6550. It is constricted in a narrow band between 6570 and 6480 and a closing outside this range would set the move on a larger scale. Supports are at 6497, 6450 while resistances are at 6570, 6660.In Mar series for Nifty, Highest Call OI is at 6600 strike and highest Put OI is at 6400 strike.

BOARD MEETING
GARDEN SILK MILLS to consider proposal of conversion of share warrants into shrs.
MAYUR UNIQUOTERS to consider raising fund.
PRITI MERCANTILE CO to consider allotment of bonus shares.

STOCKS
*CHAMBAL FERTILISERS: Promoter got 9 mln pledged shares released on Mar 14.
*COAL INDIA: May look at raising prices to reduce mounting pressure on profitability.
*GLAXOSMITHKLINE PHARMACEUTICALS: Maharashtra Food and Drug Administrationn has topped sale of Crocin Advance tablets besides two syrups for children Crocin Drops and Crocin Suspension saying the products are overpriced.
*INDUSIND BANK: ASHOK LEYLAND sold 5 mln shares of the company through bulk deals and normal trading.
*INFOSYS: The company has signed a five-year application development and management deal with Swedish insurer Lansforsakringar AB involving more than 200 applications.
*ING VYSYA BANK: The company has appointed Uday Sareen as deputy chief executive officer and head of wholesale banking and strategy with effect from Apr 1.
*IRB INFRASTRUCTURE: A Pune court has directed Central Bureau of Investigation to re-open the land scam case relating to murder of activist Satish Shetty in which company's chairman Virendra Mhaiskar is allegedly involved.
*LARSEN & TOUBRO: Chairman A.M. Naik sold 74,955 shares in the company for 94.78 mln rupees through open market transaction.
*MAHINDRA & MAHINDRA: Is working towards setting up an industrial training institute along with the Andhra Pradesh government at Zaheerabad.
*MARUTI SUZUKI: To stop exports to Europe for a year starting Apr-Jun.
*NHPC: The company commissioned Unit 3 of Parbati project on Mar 15.
*POWER FINANCE CORP: Arm PFC Consulting has transferred its wholly-owned arm RAPP Transmission Co to Sterlite Grid on Mar 12.
*RELIANCE INDUSTRIES: Securities Appellate Tribunal has adjourned the hearing in insider trading case against the company to Apr 16.
*RURAL ELECTRIFICATION CORP: The company has received bids worth 10.97 bln rupees for the second tranche of a public issue of tax free bonds maturing in 10, 15, and 20 years.
*SAGAR CEMENTS: France's Vicat is in talks to buy 47% in joint venture firm Vicat Sagar Cement in a deal that could value the company at 41 bln rupees.
*SESA STERLITE: Will shut its copper smelter for 22 days starting Apr 26.
*TATA CONSULTANCY SERVICES: Has said constant-currency growth would be lower in Jan-Mar compared to Oct-Dec as India business has not performed well.
*TORRENT PHARMACEUTICALS: Pfizer has sued the company in US to block sales of generic version of erectile-dysfunction drug Viagra.

POLITICAL DIARY
The central election committee of the BJP will be meeting to finalise its 5th List of candidates for the Lok Sabha polls. New Delhi. Former Lok Sabha Speaker P.A. Sangma to address a press conference to announce the formation of a 10-party front. 1600 IST, New Delhi.

DATA ALERT
JAPAN'S INDEXES OF BUSINESS CONDITIONS - REVISION for Jan. 1030 IST
BANK OF ENGLAND MPC MEETING MINUTES for Mar. 1500 IST
EU LABOUR COST INDEX. 1530 IST
US MBA WEEKLY MORTGAGE APPLICATIONS SURVEY. 1630 IST
US INTERNATIONAL TRANSACTIONS. 1800 IST
US EIA WEEKLY PETROLEUM STATUS REPORT. 1900 IST
FEDERAL RESERVE ECONOMIC PROJECTIONS. 2330 IST
US INTEREST RATE DECISION. 2330 IST

RBI COUNTER
DAILY LAF TENDERS: One set of 1-day reverse repo (at 7.00%) and 1-day repo (at 8.00%). Bids for repo tender may be submitted between 0930 IST and 1030 IST, and reverse repo between 1900 IST and 1930 IST. T-BILL AUCTION: RBI to auction 80 bln rupees of 91-day T-bills and 60 bln rupees of 364-day T-bills. TERM REPO AUCTION: One set of 7-day variable rate term repo for 100 bln rupees. Bids for term repo tender may be submitted between 1100 and 1130 IST.

MARKETS
Call  : Seen opening around the RBI MSF rate on demand from banks to meet daily funding needs amid tight liquidity. 1-day call: 9.00% vs 8.95-9.00% Tue.
Bonds : Seen moving with a weak bias on lack of buying support. 10-year bond yield: 8.77-8.83% vs 8.80% Mon.
Rupee : Seen steady-to-up amid caution before US Fed policy meet outcome Wed. Mo-end dlr demand may weigh. Range: 60.95-61.25/$1 vs 61.19/$1 Tue.
Stocks: Seen up on positive global cues but trade likely to be rangebound.Nifty range 6450-6580; Tuesday-end 6516.65, up 12.45 points.

BUSINESS AND ECONOMY
INDIA-RELATED
*Head says Maruti may start building Gujarat unit for Suzuki Motor.
*Govt launches PSU ETF for anchor investors; eyes 30 bln rupees.
*Toyota declares lockout at Indian units over employee pay row.
*Neyveli Lignite unions on strike after security man kills worker.
*JD(U) releases names of 47 candidates for Lok Sabha polls.
*Study says around 30% of BJP, Cong candidates face criminal cases.
*Source says fin min to make another Coal India divest bid FY15.
*Trade secy meets fin secy; seeks fast duty drawback refunds.
*PSU cos' Mar 16-31 loss on subsidised fuel sale 3.99 bln rupees/day.
*Cephalon sues Sun Pharma, Dr Reddy's for patent infringement.
*Infosys' problems not an industry-wide issue, says JP Morgan.
*Cairn Energy suspends share buyback pending Cairn India share sale.
*Reliance Jio inks pan-India tower sharing pact with Viom Networks.
*US District of Columbia extends $49.5 mln pact with Infosys arm.
*United Bank to cut base Rate to 10.25% from 10.50% from Mar 24.
*SBI pays 14.56 bln rupee advance tax for Jan-Mar vs 14.50 bln.
*Engineers India seeks bids for equipment for BPCL's Kochi ops.
*Chairman Naik sold 74,955 L&T shares today for 94.78 mln rupees.
*Puravankara CFO says co pursuing land buys in Mumbai, Delhi.
*Coal India FY14 output, despatches to fall short of target.
*Sistema Shyam cuts data svc rates; 40 GB at 999 rupees in post-paid.
*ISMA says Oct 1-Mar 15 sugar output 19.4 mln tn vs 21.1 mln yr ago.
*FMC excludes member refundable deposit from guarantee fund corpus.
*TCS warns of weak fourth quarter, but says 2014-15 will be good.
*Corporate houses may not get bank licences.
*Facebook quietly rolls out free calls in its messenger app in India.

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