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Technically the market has seen the reaction that was expected and the market looks under pressure and there is good chance that the market may see some more profit booking and could slide down towards 5300 levels. However, the market has a strong resistance at 5670.
Bahrain's Crown Prince will decide whether the country's season-opening Formula One Grand Prix can take place next month, the sport's commercial supremo Bernie Ecclestone said on Sunday.
A wave of mega-mergers between the world's major stock exchanges might persuade policymakers in the United Arab Emirates to push ahead with consolidation of the UAE's fragmented bourses, where volumes have slumped since the financial crisis.
Roger Federer has brushed off his Australian Open defeat to Novak Djokovic and says he feels as ready as ever to confront the season's challenges.
Gulf Arab markets slid on Sunday as unrest spread across the world's top oil exporting region and more selling is expected as investors cut their exposure despite a buoyant economic outlook for the Gulf.
The support for the Nifty is at 5388-5339 and resistance at 5500-5600.
Expect the range of movement under 18690 to a lower range of 18145-17979-17814.
The coming session is likely to witness a resistance at 5550 on advances. Support is likely at the 5360 levels. The wide range is due to the large base effect of Fridays range.
China increased reserve ratios for banks & such tightening is theoretically positive for India as it tends to eventually slap down prices of commodities, including crude. However, in the short-term, it milks away global fund allocations to the US from EMs, says Nandan Chakraborty, ENAM.
"The current investment theme remains "out of emerging and into developed markets". If this theme continues to run, the end game will be a growth scare in US markets. The best long-term equity stories in Asia remain the likes of India and Indonesia, says Chris Wood, CLSA.
Air France-KLM, Europe's largest airline by revenue, and Atlanta-based Delta Air Lines are working together to examine a bid for Virgin Atlantic, the Sunday Times reported, citing no sources.
12.30 to 15.30: Nifty may change trend every 15 minutes during this time therefore do not stick to a pattern. (0.05)
Etisalat, which is keen to complete a USD 12 billion bid for a controlling stake in Kuwait's Zain, said on Sunday it was comfortable with the pace of its due diligence on the firm.
With 96% of government borrowing completed, the supply through auctions for the rest of CY11 will be less than Rs 20,000 cr. However, liquidity continues to be under pressure. The benchmark 7.80% 2010 is expected to be in the range of 8.10%-8.13%, says Suresh Prabhu, Money Market Expert.
The rupee is likely to open marginally firm extending its strong weekend close below the key 45.20 level. Demand from importers and oil refining companies would cap the downsides. Range for the day is seen at 45.05 -45.40, says
F&O cues: Total Nifty futures down Rs 113 crore and Options down Rs 1180 crore.
Market cues: FIIs net buy USD 19 million in the cash market on Feb 17.
At 7: 43 am (IST), Asian markets were trading weak. Hong Kong's Hang Seng was down 0.49% or 114.57 points at 23,480.67. Japan's Nikkei was down 0.33% or 35.67 points at 10,807.13. Singapore's Straits Times shed 0.48% or 14.83 points at 3,072.09. South Korea's Seoul Composite declined 0.58% or 11.73 points at 2,001.41.
The government is likely to increase excise duty by 2 per cent in sectors like FMCG and automobiles, as well as raise service tax, in the forthcoming Budget to reduce the fiscal deficit, a report said.
Having infused a net amount of Rs 277 crore in stocks and bonds so far this month, overseas investors are likely to remain largely on the sidelines till the Union Budget is presented on February 28.
The net interest margins of Indian banks are expected to shrink in 2011, despite an estimated growth of 20-22 per cent in loans, due to a rise in interest rates and lenders will be forced to raise deposit rates to manage liquidity.
With the issue of JPC into the 2G spectrum scam resolved, the budget session of Parliament beginning tomorrow is expected to see a lot of work including the Budget, as against the washout of the winter session.
Prime Minister Manmohan Singh today expressed hope that the Budget session of Parliament beginning tomorrow will be "peaceful" and "productive" and said the government was willing to discuss all issues which the opposition raises.
UAE telco Etisalat's USD 12 billion bid for a stake in Zain is in jeopardy after the Kuwaiti telecoms firm failed to meet a key condition and a major shareholder refused to allow more time for the deal.
Concerned over volatile crude oil prices impacting the growth process, G-20 leaders have decided to call a meeting of the Energy Ministers of member countries to address the issue.
