The markets lost moderately during the week with realty and IT being the worst performers. The Sensex was down 1.5% while the Nifty lost 1.2% during the week. After a strong rally of eight weeks I think the Nifty is getting into a range between
5,350 and 5,500. There are three events lined up in the next 10 days, so this range should hold for a few days before the trigger comes.
From the global perspective, Stocks have proven the naysayers wrong so far in 2012. And the February jobs report could be just the ticket to keep the bulls going next week. The Standard & Poor's 500 is up for eight of the last nine weeks. This
week, the Dow closed above the 13,000 mark for the first time since May 2008, and the S&P 500 twice closed above 1,370, a closely watched technical resistance level
For the week, The Sensex was down 1.5% while the Nifty lost 1.2% during the week. The market is expected to remain volatile next week due to uncertainties over elections results in five states due on Tuesday, 6 March 2012. The stock market
remains closed on Thursday, 8 March 2012, on account of Holi.
NEWS AFFECTING INDIAN MARKETS
. US unemployment claim came at 351K .
. Reliance Industries increased its stake in hospitality firm EIH to 18.53%.
. Q3 GDP at 6.1% vs. 6.9% q/q, Manufacturing - 0.4% vs. 7.8% YoY, Industry - 2.6% vs. 7.6% YoY, Mining (-)3.1% vs. 6.1% YoY, Services (-) 8.9% vs. 7.7% YoY.
. India's foreign exchange reserves rose to USD 295.048 billion from USD 293.440 billion in the previous week.
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