The Indian market is trading tips in a range with consumer durables consilidating its gains while Oil & gas, auto and metal are leading the lag. Sensex is on 17446, in the positive by 42 points since its previous close, while Nifty tips is at 5302, in the positive by 6 points. The CNX Midcap index is up 0.8% while the BSE Smallcap index has gained 1.3% till now. The market breadth is positive with advances at 1042 against declines of 333 on the NSE.
Nifty spot if manages to trade and sustain above 5322-5325 then Nifty is likely to show some more upmove and if it breaks and trade below 5305-5300 then some profit booking can follow in the market. The market breadth is positive with advances at 1081 against declines of 329 on the NSE.
Important Updates:
1. Allahabad Bank issues 2.38 crore preferential shares to LIC for the sum of Rs 449 crore.
2. Vijay Mallya writes letters to employees saying that Kingfisher accounts are de-frozen.
3. Godrej Properties may start sale of Gurgaon luxury project this month and the price is expected to be in the range of 5000-5500 per square feet.
4. Mahindra & Mahindra reports higher sales figure in March because of demand, states the company. Good volume growth reported in Xylo and XUV-500.
5. Marico needs money to buy paras brands.
6. TVS Motors records decline in March vehicle sales and total unit sold in the month was 1.82 lakh versus 1.91 lakh, (YoY). The company has registered decline in two wheeler sales also as number of two-wheler sold in March was 1.80 lakh unit versus 1.86 lakh unit, (YoY).
7. Import has increased by 20.6% (YoY) while export increased by 4.3% (YoY) according to February trade data.
News Wrap up:
1. Global trade bodies warn PM of tax plan impact
2. Ranbaxys Lipitor copycat steals the show in US
3. Reliance Power solar project starts in Rajasthan
4. YES Bank raises Rs 380 crore from IFC
5. Miglani family plans to raise stake in Lloyds Steel
6. Aurobindo Pharma under CBI scanner
7. February exports up 4% to $24.6 bn
8. New rules for algorithmic trading from SEBI
9. Patni delisting gets maximum bids at Rs520
10. Zee Entr board to consider buy-back
Indian stock market tips is likely to trade volatile and is likely to follow global cues.
Nifty spot if manages to trade and sustain above 5320 then Nifty is likely to show some more recovery and if it breaks and trade below 5240 then some profit booking can follow in the market. Please note this is just opening view and should not be considered as the view for the whole day.
Important US economy data to be released today:
1. ISM Manufacturing Index
2. Construction Spending
3. James Bullard Speaks
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