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| Market to move in narrow range |
| BS Reporter / Mumbai Mar 15, 2010, 00:37 IST |
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Stock prices are likely to move in a narrow range this week and will take cues from the global markets. The figures of advance tax payment by top Indian firms and inflation data for February 2010 will be in focus.
The fourth and the last installment of advance tax is due on March 15. After the latest data showed a surge in industrial production in January 2010, the next major data is of monthly inflation for February 2010 on Monday. On the global front investors are awaiting further insight of the US economic recovery.
This week data on US retail sales and consumer sentiment figures will be out. The numbers are expected to indicate how big an appetite Americans have for spending.
Deven Choksey, managing director of KR Choksey Shares and Securities said “ Markets are consolidating at current levels, ahead of an upside rally. If Nifty index sustains above 5,150 levels, then we might be seeing 5,250 levels. Otherwise, it should remain range bound between 5,050 and 5,150 in the near term.”
During the week ended March 12, S&P CNX Nifty of the National Stock Exchange rose 48.30 points to close at 5,137. The Nifty future closed at a premium of 7.7 points 5,144.
The average volume in the F&O segment during the week under review was just over Rs 61,691 crore, indicating lack of trading interest in markets. The Sensex of the Bombay Stock Exchange (BSE) was trading at 17,167 levels.
“Market sentiment is very strong and if there is a fall of 2-3 per cent in index there will be buying,” said Sailav Kaji, director (institutional equities), Fiduciary Euromax. He said shares of manufacturing and infrastructure companies would be in focus after the index of industrial production data announced last week.
Shares of sugar companies could see some short covering after they fell last week. Shares of Shree Renuka Sugar, Triveni Engineering, Bajaj Hindusthan and Balrampur Chini Mills fell between 4-16 per cent last week due to a fall in sugar prices.
Indian stocks witnessed a good post-Budget rally driven by sustained buying by foreign funds since the presentation of the Union Budget 2010-2011 on February 26.
According to the data from the stock exchanges, foreign institutional investors (FIIs) bought stocks worth a net Rs 11,825 crore this month, till March 12.
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