U.S Markets close at multiyear high Ø CSEC Research

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U.S Markets close at multiyear high

Ø    The BSE Sensex opened on a positive note and gained more than 200 points to close above 17800 mark. Positive news across the globe guided Indian markets to close in green.

Ø    Amongst the sectoral indices CNX Metal Index rallied more than 2 percent. Shares of Sail, Sterlite posted 5 percent returns and topped Nifty gainers list.

Ø    Shares of Wipro declined more than a percent Azim Premji Thrust, the promoters of Wipro, said it will sell up to 3.5 crore shares of Wipro via an offer for sale mechanism prescribed by SEBI.

Ø    Coal India rallied 2 percent as its board of directors has approved payment of interim dividend of Rs 9.50 per share for the year ending March 2012. Meanwhile, media reports claimed that one of the Hedge fund investor would sue Coal India's board and has threatened to pursue legal action against individual directors for failing to protect minority investors' interests.

Outlook

Ø     U.S. indices rose more than 2 percent on the back of strong economic data. The Nasdaq Composite finished above 3,000 for the first time in 11 years. The Dow Jones Industrial Average rose 217.97 points, to close at 13,177.68, its highest level since Dec. 31, 2007. The Dow last closed above 13,000 on Feb. 28, its first finish above that level since the middle of 2008.

Ø    In today trade Asian markets are up more than a percent and the SGX Nifty is trading near 5550 mark. Going ahead Indian market is likely to open on a positive note. Inflation numbers for the month of February are to be announced today.

Regards,

CSEC Research