Bulls gaining grip Ø : CSEC Research

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Bulls gaining grip

Ø    The indices rallied to one-week highs in late trade after Finance Minister Pranab Mukherjee said holders of participatory notes, or P-notes, will have no tax liability in India.

Ø    The market breadth was strong. All the sectoral indices on BSE were in the green. Interest rate sensitive banking stocks edged higher on bargain hunting after recent fall triggered by fears banks' bad loans could increase in a slowing economy.

Ø    Shares of sugar companies rose on fresh buying as the reports claimed that the Government may allow the export of another 1 million tonnes of sugar under the open general license.

Ø    Coal India gained 2% as the management reported that the company will seek more time from the government to sign fuel supply agreements (FSA) with power generation companies due to a disagreement among the coal producer's board members on assured supply commitment clauses.

Outlook

Ø    U.S. stocks on Friday snared their biggest first-quarter gain in more than a decade, after a better-than-anticipated rise in consumer confidence and spending boosted views of the economy

Ø     In early trade Asian markets are up two third of a percent and the SGX Nifty is trading a above 5300 levels. Going ahead Indian market is likely to open on a soft note with positive.

Regards,

CSEC Research