Friday, March 25, 2011
The Indian markets continued its upward journey for the fourth consecutive session, with the major support coming in from the technology stocks
Financial Technologies up 7% on reports of MCX listing
Simbhaoli Sugars to hive off some units
Uflex set to launch PET plant in US
Major news for the week:
Food inflation rises to 10.05% vs 9.42%
SEBI plans new rules on MF sales
JSW Steel raises offer price for Ispat
Wockhardt gets stay on winding up order from HC
FM rolls back 5% service tax on healthcare
Expiry of the near-month March 2011 derivatives contracts may keep stocks choppy next week after this week's strong gains. Year-end reshuffling of positions by traders may also add to volatility. The near-month March 2011 derivatives contracts expire on Thursday, 31 March 2011.
The market surged last week as investors bought shares after a recent sell-off that was triggered by negative global news like high crude oil prices and Japan crisis. Data showing buying by foreign funds also perked up sentiments. Indian stocks rose in four out of five trading session in the week ended 25 March 2011 with bullish comments on India from billionaire legendary investor Warren Buffett and on hopes for economic reforms, aiding the rally. The government tabled some key reforms bills in parliament. All the 30 Sensex shares rose last week.
After team India's splendid feat in Ahmedabad on Thursday, 24 March 2011 dethroning the Aussies to enter the semi-finals of the World Cup 2011, today, 25 March 2011 it was the turn of Indian bourses. Stock markets mimicked Indian cricket team's all round performance as bulls went on rampage sending stocks across sectors rallying. Just as Yuvraj, Sachin and Gambhir steered India's way to the victory, heavyweights Infosys, ICICI Bank and Reliance Industries anchored the BSE Sensex and the S&P CNX Nifty to two-month closing highs.