Range bound trade Ø CSEC Research

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Range bound trade

                  

Ø    The S&P CNX Nifty shed a percent to close in the red at 5339. Amongst the sectoral indices Realty declined more than 3 percent.

Ø     Shares of Mahindra and Mahindra decelerated sharply on account of its February sales number. The company’s tractor sales were below street estimates.

Ø     Shares of DLF tumbled 6 percent on the back of media reports claimed that there are no takers for its Mumbai land parcel.

Ø     Suzlon energy raised more than 8 percent in the last hour of trade as the company’s wholly owned subsidiary REpower  systems SE has signed an agreement with a consortium of banks for a syndicated loan of 750 million euros.

Ø     ONGC stake sale via auction method garnered over Rs. 12,600 crore. The final bid quantity stood at 42.04 crore against an offer of 42.77 crore

Outlook

Ø    The Dow Jones Industrial Average closed at 12,980.30, the rally was led by financial following a rally in European bank shares after Spain and France sold 12.5 billion euros ($16.7 billion) of bonds.

Ø    In today trade Asian markets and the SGX Nifty are trading in green and indicate that the Indian markets are likely to open on a positive note.

Regards,

CSEC Research