It has been a lackluster session for the market ahead of expiry on Thursday. The market will remain shut tomorrow on account of Holi. The BSE Sensex is up 5 points at 18685 and the Nifty up 1 point at 5635.
Sources indicate a strong possibility of Samajwadi Party withdrawing outside support to the UPA. To survive, the government may now turn to Nitish Kumar’s party and accept his demand to give backward status to Bihar. Experts say UPA may woo Mamata Banerjee as her party's support can save the government. Experts, however, rule out a chance of an election this year.
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Aviation regulator DGCA said it has deregistered 15 aircraft operated by Kingfisher Airlines , paving the way for global leasing companies to take them back. The stock is down 3%.
Indices are trading flat after a small gap down in the opening bell on low volumes. The stock exchanges will remain shut tomorrow on account of Holi. Political uncertainty and weak global cues is keeping the market participants away from the market. The Nifty has tested its 200 Day Moving Average (DMA) of 5620 today.
Indices continue to be listless in the absence of buying support in a week shortened by two trading holidays.The Nifty has broken its 200 Day Moving Average (DMA) of 5620 this morning. A close below 200 DMA, an indicator closely followed by technical analysis, on a consistent basis indicates further weakness ahead.
Key indices were sluggish in early trade Tuesday, as the ongoing political uncertainty continue to weigh on sentiment. On Monday, Samajwadi Party chief Mulayam Singh revived talk of the Third Front, which political experts say is an indirect indication of early elections.
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