Stocks seen ranged; 3300 on Nifty watched

By at 20 April, 2009, 1:06 am

MUMBAI: Stocks are likely to remain ranged on Monday tracking mixed cues from global shores. Rate sensitive stocks may be in the limelight ahead of the Reserve Bank of India’s policy meet on Tuesday. Stock specific action is also likely with a spate of corporates set to unveils their fourth quarter results.
“Six consecutive weeks of gains on the bourses have left indices little frail. Stocks have bounced back with a vengeance and now looks little exasperated. A small correction is in order to recharge the batteries and start a second leg of this rally which has left many scratching their heads. Nifty has a support near 3300, and a decline should be considered an opportunity to buy stocks,” said VK Sharma of Anagram Stock Broking.
US stocks rose on Friday, with the Dow scoring its biggest six-week gain since July 1938, helped by a reassuring report on the mood of consumers and stabilisation in General Electric and Citigroup’s quarterly results. Friday’s close also marked the S&P 500’s longest weekly winning streak since 2007.
The Dow Jones Industrial Average rose 5.90 points, or 0.07 per cent, to 8,131.33, the Standard & Poor’s 500 Index climbed 4.30 points, or 0.50 per cent, to 869.60 and the Nasdaq Composite Index added 2.63 points, or 0.16 per cent, to 1,673.07.
However, Asian stocks took a beating as worsening earnings forced companies to sell shares to shore up their balance sheets, diluting the value of existing investments. The Nikkei slipped 0.5 per cent, Topix fell 0.77 per cent, Straits Times lost 0.81 per cent while Hang Seng edged 0.61 per cent higher.
Back home, on Friday, Indian stock market ended only marginally higher after rising sharply early in the day. Traders bought rate sensitive stocks like realty and banks ahead of RBI credit policy meet on Tuesday.
Bombay Stock Exchange’s Sensex ended at 11023.09, up 75.69 points or 0.69 per cent from Thursday’s close. The index touched a high of 11339.47 and low of 10946.25 during the day. National Stock Exchange’s Nifty closed at 3384.40, up 14.9 points or 0.44 per cent. The index hit an intra-day high of 3489.85 and low of 3359.25.

Nifty above 3400; Unitech up on raising funds MUMBAI: Markets opened higher Friday in line with other global...
Indian stocks melt in global warming The current crisis in the euro zone will not create...
Global stocks diverge, gold hits record European stocks and the euro fell on Tuesday over mounting...
Inflation at 0.57% on Apr 18 NEW DELHI: Inflation rose to 0.57 per cent for the...
Sensex closes at 7-month high; crosses 12K Indian markets ended sharply higher on Monday led by gains...
Sensex closes below 11000; Realty plunges 10% MUMBAI: Bears outsmarted the bulls on Thursday as every attempt...
De-listing hopes boost MNC stocks Shares of Indian units of multinational companies (MNCs) surged on...
Retail investors take MF route to join mid-cap rally MUMBAI: Having burnt their fingers in small- and mid-cap shares...
Sensex down 336 points; RCom shines Reliance Communications, which announced its plan for a 26-per cent...
Ambit maintains “Sell” on Mundra Port Ambit Capital has maintained “Sell” recommendation on Mundra Port &...
Stage is set for stimulus part-2 Growth in six infrastructure industries, which constitute over a quarter...
Day Trading Guide The stock tumbled six per cent accompanied with above average...
Lakshmi Vilas Bank (Rs 88.2): Buy Investors with a short-term trading perspective can buy the stock...
It pays to be in finance; but IT grads get a good start In 2010, those armed with an MBA degree and one-two...
Day Trading Guide ICICI Bank and SBI stocks are witnessing selling pressure at...