Indian markers are poised to open gap down on shaky global cues. U.S. stocks fell sharply as weaker-than-forecast data from China and tension in
Ukraine overshadowed reports showing an improving American economy. China’s industrial-output, investment and retail-sales growth cooled more than
estimated in January and February. China announced an economic growth target of 7.5% last week, the weakest since 1990. Asian markets too are
trading lower today. Back home, close watch will be on WPI inflation numbers for February that will be released today and is forecasted to fall to below 5%
from 5.05%. FIIs data yesterday was mixed. While they purchased Rs 517 crs in cash market which was the lowest in last six sessions, they purchased
Rs 427 crs in index futures, highest in last four sessions. However, their selling in stock futures got intensified at Rs 599 crs, higher than last session. On
Thursday, Nifty declined by 24 points to close at 6493. It was a drop of 68 points from intra-day high of 6561. There was profit booking in the market in last
hour of trade. Banking, Auto, Metal, Tech and Pharma stocks witnessed profit booking. However Oil companies like HPCL. BPCL (up 7%), IOC and
ONGC witnessed fresh buying led by stable Brent crude at $108/bbl and fall in USDINR to 61. Infosys nose-dived by 8% after the company's negative
comment on near term growth in recent investor interaction. TCS, Wipro and Tech Mahindra declined marginally. Pharma major Sun Pharma slipped by
5% to close at Rs573. The U.S. FDA has imposed a ban on imports from generic drug maker Sun Pharmaceutical's plant at Karkhadi in Gujarat. Banking
stocks witnessed profit booking from the day's high. The Nifty opened weak to recover and ended near the day's opening once again. Opening weak at
6491, the Nifty went up near the high of this week to 6561 and maintained itself near the 6550 area. But, late in the day it faced severe selling to go down
to 6476 to close at 6493, down 23 points for a 0.37% loss. For the day coming by the market is expected to open gap down on weak global cues on
Ukraine & China's economy front. Markets opening below 6487 would breach a strong support and thus form a double top pattern and this can take the
nifty down to about 6430 level.Highest OI at 6400 put would lend strong support.
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Ukraine overshadowed reports showing an improving American economy. China’s industrial-output, investment and retail-sales growth cooled more than
estimated in January and February. China announced an economic growth target of 7.5% last week, the weakest since 1990. Asian markets too are
trading lower today. Back home, close watch will be on WPI inflation numbers for February that will be released today and is forecasted to fall to below 5%
from 5.05%. FIIs data yesterday was mixed. While they purchased Rs 517 crs in cash market which was the lowest in last six sessions, they purchased
Rs 427 crs in index futures, highest in last four sessions. However, their selling in stock futures got intensified at Rs 599 crs, higher than last session. On
Thursday, Nifty declined by 24 points to close at 6493. It was a drop of 68 points from intra-day high of 6561. There was profit booking in the market in last
hour of trade. Banking, Auto, Metal, Tech and Pharma stocks witnessed profit booking. However Oil companies like HPCL. BPCL (up 7%), IOC and
ONGC witnessed fresh buying led by stable Brent crude at $108/bbl and fall in USDINR to 61. Infosys nose-dived by 8% after the company's negative
comment on near term growth in recent investor interaction. TCS, Wipro and Tech Mahindra declined marginally. Pharma major Sun Pharma slipped by
5% to close at Rs573. The U.S. FDA has imposed a ban on imports from generic drug maker Sun Pharmaceutical's plant at Karkhadi in Gujarat. Banking
stocks witnessed profit booking from the day's high. The Nifty opened weak to recover and ended near the day's opening once again. Opening weak at
6491, the Nifty went up near the high of this week to 6561 and maintained itself near the 6550 area. But, late in the day it faced severe selling to go down
to 6476 to close at 6493, down 23 points for a 0.37% loss. For the day coming by the market is expected to open gap down on weak global cues on
Ukraine & China's economy front. Markets opening below 6487 would breach a strong support and thus form a double top pattern and this can take the
nifty down to about 6430 level.Highest OI at 6400 put would lend strong support.
view more
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