SENSEX GAINS 0.3 PCT IN EARLY TRADE; KINGFISHER HITS 52-WEEK LOW(20 MAR 2012)goldennifty.com

SENSEX GAINS 0.3 PCT IN EARLY TRADE; KINGFISHER HITS 52-WEEK LOW

Date : 20.03.2012

The BSE Sensex rose as much as 0.3 per cent early on Tuesday with HDFC, L&T and HUL leading the gains. The broader 50-share NSE index was up 0.2 per cent to 5,266.40.

Kingfisher Airlines Ltd slipped over 8% in early trade after the aviation regulator on Monday summoned Vijay Mallya, the billionaire owner of debt-laden Kingfisher airline, to seek an explanation on why his carrier can't stick to its revised schedule. The stock pared most of the early losses and is now trading 5.2% lower at Rs 19. www.goldennifty.com

"India markets ended in a negative zone on Monday with a loss of more than 1% and are trading close to their important moving average of 100EMA and 200EMA. After the sharp rally from the bottom seen in December 2011, markets are witnessing sideways movement since last four weeks and in his period indices have made a symmetrical triangle formation, www.goldennifty.com

This pattern could lead to the next direction if Nifty could manage to sustain levels above 5,465. On a very short term outlook 17,000 for the Sensex and 5,200 on the Nifty are extremely important levels to watch out and a fall below these levels could activate pressure for further lower levels,".

According to analysts, with budget out of the way, the market will take cues from quarterly earnings and Reserve Bank of India's annual policy meet for direction.

The 30-share BSE index was trading 0.3% higher at 17,338.16 led by gains in HDFC (up 0.8%), HUL (up 1.2%) and L&T (up 0.7%). www.goldennifty.com

BSE realty index gains 1%, BSE metal index was trading 0.7% higher and BSE capital goods rose 0.5%. www.goldennifty.com

Top Sensex losers include, Infosys, which was trading 0.7% lower and Tata Power was trading at Rs 101.70, down 0.7%.

 

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