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Posted by Shyam as Market News
Its the time of the year again to face another budget of the Union Government.It is said that this time we will see a popular Aam Aadami Oriented budget from the finance minister.This is the last budget to be presented by UPA govt before it faces the election in May 2008.The budget session of the Parliament began today and the Railway Budget is scheduled for tomorrow.
Backed by strong Asian markets and global conditions sensex ended the day at 17650 with a gain of 301 points and nifty gained 89 points to close at 5200.The markets were led by Oil and Gas & IT stocks.Cement counter is expected to show some rally in the coming days.
Analyst are of the view that we may see a pre-budget rally in the week ahead if the world markets stabilize a bit.On the other hand the expiry of Feb 2008 derivatives on Thursday may lead to some sort of volatility in the markets.And after the budget we are likely to have jittery markets as the inflation is already touching the six month highs of 4.35%.
In the last week SEBI data shows that FIIs have turned net buyers in the range of 1,496 crores ,however they have already sold shares worth Rs 11,539 crores in the year 2008.Meanwhile Tulsi Extrusions got listed at Rs 105 against the issue price of Rs 85.The nifty shall remain range bound in between 5,000 and 5,400 in the short period.Hopefully if we see some good global support levels we can see a good rally in the markets.
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