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Showing posts from October, 2014

MOBILE App FOR LOVE

o make things easier for those bitten by the love bug, a Kochi-based startup has launched mobile love app 'Elop'. Akash Mathew, CEO & Founder, CIED Technologies, which has developed the app says: 'This is so popular as it is a safe and easy way of expressing love, saving the embarrassment and awkardness while trying to protect friendships'.
The initial version (Desktop app) was a runaway hit, counting over 30,000 users in 130 countries in a short span since its introduction in 2014, a press release said. Developed by five budding entrepreneurs while still in a college in Kerala in 2013, the app had seen a popular acceptance, resulting in a wide user base in a short while.
The group formed Cied Technologies Pvt. Ltd. to take the concept forward and had been chosen for mentoring and incubation at Startup Village.
ELOP app currently boasts of a success rate of 10 per cent, a stunning statistic in the world of similar products. The app reduces the pestering of random prof…

NIFTY OUTLOOK FOR 31 & REVIEW

ZIGZAG MOVEMENTS

Nifty                               8169  +79

Nifty opened steady and gained gradually to close at the highest level for the day with a gain of about 1%.   Market went up on last day of Derivative expiry due to short covering and value buying in certain scrips. Short term trend continues to remain positive  and would turn bearish only on a close below 8050.  Nifty spot is expected to encounter resistance at 8210,, 8245 and find support at 8130, 8095 for Friday. While Global cues  and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to display zigzag movements with alternate bouts of bullishness and bearishness.
INDICES RECORD NEW HIGH
The benchmark Sensex today surged about 248 points to end at record closing peak of 27,346.33 on across-the-board buying by investors after government eased rules for FDI in construction sector and US Federal Reserve reiterated its plan to keep interest rates at rec…

GOLD DEMAND ACROSS WORLD

NPPA REVISES DETTOL PRICE

Drug price regulator National Pharmaceutical Pricing Authority (NPPA) has revised the prices of Dettol antiseptic liquid formulations under the directions of the Delhi High Court. In a statement NPPA said, under the revised prices, a pack of 12x5 litre of Dettol antiseptic liquid formulation will cost Rs 7,805.60 as against Rs 7,276.46 earlier. A 12x500ml glass bottle pack will now cost Rs 925.40 as against Rs 787.40 earlier, while the NPPA has capped the price for a 12x210ml glass bottle pack at Rs 454.50. Likewise, a 12x110ml glass bottle pack will be priced at Rs 260.90 and 12x60ml glass bottle pack at Rs 158.28. The move to increase price of the liquid antiseptic formulations manufactured by RB India (formerly known as Reckitt Benckiser India), comes after a protracted court battle. In 2011 the company had challenged the retail price of Dettol fixed by the NPPA before the Department of Pharmaceuticals (DoP). In August last year, DoP had issued a review order for the ceiling price …

ODISHA GOVT REDUCE BUS FARES

Odisha government today announced reduction in fares by one paise per km for ordinary and express buses following the recent cut in diesel prices. Similarly, reduction by two paise per km for deluxe and deluxe AC buses has been made, state Transport Minister Ramesh Majhi said. The new bus fares came into effect today, he added. After reduction in fares, passengers will have to pay 63 paise per km in ordinary and 66 paise in express buses. Similarly, in deluxe buses passengers will pay 87 paise per km whereas Deluxe AC buses will charge Rs 1.06 per km. As the bus operators have been demanding a mechanism to automatically reduce or increase bus fare with rise and fall in the price of diesel, the minister said "we will soon take a decision in this regard." The demand for reduction in the fares was made after the Central government freed diesel from administered price mechanism resulting in a drop in diesel rates by Rs 3.63 per litre.

ANDHRA PRADESH REVENUES UP 13%

The Andhra Pradesh government posted a jump of 13.86 per cent in its revenue at Rs 12,881 crore in the first two quarters of the current fiscal, bringing in some respite to the government that has been lamenting over lack of resources due to bifurcation this year. The hike was registered against revenue Rs 11,313 crore of last fiscal's first half when the state was undivided. Officials of the revenue and other income-generating departments at a review meeting with Chief Minister N Chandrababu Naidu here today, attributed the rise to surge in consumption of home needs and petro products, which accounted for to 20 per cent and 11 per cent respectively, an official statement said. Value-added tax and Central sales tax component also recorded a 4 per cent growth compared to the first half of last fiscal. Income from commercial taxes in the first quarter of 2014-15 was Rs 6,207.41 crore, up 5.96 per cent, while in the second quarter, it saw a significant rise to Rs 6,673.83 crore, a 22…

INDIA RANKS 142 IN DOING BUSINESS

India ranked 142 among the 189 countries surveyed for the latest World Bank's "Ease of Doing Business" report released today, a drop by two places from the last year's ranking, as Singapore topped the list. The fall in India's ranking from the last year's 140 is mainly because other nations performed much better, Bank officials said. India's ranking originally stood at 134 last year, but has been now adjusted to 140 by the Bank to account for fresh data. In the 2014 report, India had 52.78 points and this year it scored 53.97 points. The latest ranking, however, does not take into account a slew of measures taken by the Modi Government to make India a business friendly destination. "We do not want to send the impression that the drop in India's ranking is connected in any way with the current political situation (government)," said Augusto Lopez-Claros, Director, Global Indicators Group, Development Economics of the World Bank Group. "I…

INDIA BETTER IN PROTECTING MINORITY INVESTORS

While India's rank for 'ease of doing business' has worsened to 142nd position globally, it fares much better in terms of protection of minority investors and credit availability at 7th and 36th places, respectively.
These are the only two categories (out of total ten considered by World Bank Group) where India is ranked among top-50 countries -- a target set by Prime Minister Narendra Modi for the overall ranking.
Meanwhile, the country's spot last year has been revised to 140 after making adjustments and reflect data corrections, whereas it was at 134th position when the rankings were published last year.
Modi, in September, had said that India's ranking could be improved to the 50th position by making government regulations easier.
India is ranked 36th with respect to 'getting credit' category while the country is placed at 7th spot when it comes to 'protecting minority investors'.
In last year's ranking, India was at 28th place in 'getting cr…

UNEARTHING CAPITAL FLIGHT CAN ADD $30 bn to FOREX KITT

The unearthing of capital flight of "black" money Indians have allegedly stashed away in Swiss banks could add USD 30 billion to the country's forex reserves, says a Bank of America Merrill Lynch report. According to the global financial services major, though there would not be any immediate forex impact given the legal issues involved, it could add USD 30-35 billion to the forex reserves over time. BofA-ML has worked with an estimate of capital flight of about USD 200 billion based on a recent research study. According to the study, Raghbendra Jha and Duc Nguyen Truong, of Australian National University, estimated total capital flight of more than USD 186 billion during 1998-2012. "If even half of this is unearthed, it could add USD 30-35 billion (three to four months of current import cover) to forex reserves over time," BofA-ML said in a research note today. The Centre today placed a list of names of 627 Indian account holders in HSBC bank, Geneva in black …
SENSEX CROSS 27K MARK AGAIN
Indian markets today soared to over five-week highs with Sensex reclaiming 27,000-mark and Nifty inching closer to 8,100-level on the back of gains in metal and auto shares in line with a buoyant global trend ahead of US Federal Reserve's policy meeting outcome. Hectic short-coverings ahead of the expiry of domestic derivatives contract tomorrow also boosted the trading sentiments, brokers said, adding that hopes of further economic reforms, rising rate cut expectations and fall in international oil price also played a positive role. Shares from realty, metal, auto, IT, oil & gas and FMCG sectors were in good demand while some of the shares from pharma and banking segments attracted profit-booking. The BSE 30-share barometer resumed strong but declined to a low of 26,971.16 before bouncing back to settle at over five-week high of 27,098.17, a rise of 217.35 points or 0.81 per cent. Yesterday, Sensex had gained 127.92 points or 0.48 per cent. It has n…

INDIAN ONLINE MARKET TO CROSS Rs 88,000 cr

Indian online retail market is estimated to grow over 4-fold to touch USD 14.5 billion (over Rs 88,000 crore) by 2018 on account of rapid expansion of e-commerce in the country. According to research and consultancy firm RNCOS, the online retail market is projected to grow at a compound annual rate of 40-45 per cent during 2014-18. "The Indian online retail market has been striding leaps and bounds over the past few years on account of digital revolution. The trend is expected to continue as the online retail market in India is estimated to touch the mark of USD 14.5 billion by 2018," a report by RNCOS said. The current market size of online retail sector has been pegged at USD 3.5 billion (over Rs 21,000 crore), it added. As per the 'White paper on Indian Online Retail Industry: The War of Clicks', India is among the most swiftly emerging online retail market across Asia-Pacific region although the expanse of e-commerce is at a sprouting stage. "The major reaso…

FALLING OIL PRICES HURTING KUWAIT ECONOMY

Kuwait's ruler warned today that declines in the oil price were damaging the economy of the energy-rich Gulf state, urging lawmakers to "stop squandering resources" and to diversify revenues. "We are witnessing a new cycle of low oil prices as a result of economic and political factors that have hit the global economy and started to negatively impact our national economy," Sheikh Sabah al-Ahmad Al-Sabah said in a speech to open the new parliamentary term. The emir called on the government and parliament to "safeguard our oil and fiscal wealth". "You have the responsibility to stop squandering resources, rationalise spending and direct subsidies to reach those who need it... without impacting the standard of living," he said. He also called for stepping up plans to reduce Kuwait's dependence on oil revenues by diversifying the economy. "I have repeatedly called ... for establishing productive economic activities to create jobs for yo…

20 KERALITES IN ARABIAN BUSINESS 100 LIST

As many as 20 entrepreneurs and professionals from Kerala have been named in the annual list of 100 powerful Indians in the Gulf countries with people from the southern state also bagging the top two positions. The 'Indian Power List', published by Arabian Business, a leading business magazine, has also picked as many as six Keralites among the top 20. Managing Director of the Lulu Group, Yusuff Ali MA, has retained his top position on the list for the fifth consecutive year, while Ravi Pillai, Chairman of RP Group of Companies, is ranked second for successfully building a global business network that employs over 80,000 people. PNC Menon, Chairman of Sobha Developers is ranked No 8. Sunil John, Chief Executive Officer of ASDA'A Burson-Marsteller, the region's leading Public Relations consultancy, has been ranked at 12th position, followed by KV Shamsudheen, Founder of Pravasi Bandhu Welfare Trust and Sunny Varkey, Founder & Chairman of GEMS Education. The business…

NIFTY OUTLOOK FOR 27 & REVIEW

CAUTION @ HIGHER LEVELS
Nifty                               7992  -22 Nifty opened higher and traded with negative bias thereafter to close with a loss of about 0.25% and below 8000 mark. However, the short term trend is positive and would become bearish only on a close below 7925.  Nifty spot is expected to encounter resistance at 8030,, 8070 and find support at 7950, 7915 for Tuesday. While Global cues  and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to display zigzag movements with alternate bouts of bullishness and bearishness.  SENSEX RETREAT FROM 6 DAY RALLY
The benchmark Sensex today retreated from one-month highs and fell about 98 points to end at 26,752.90, logging its first drop in six sessions, on losses in bluechips like HUL, Tata Motors and RIL and caution ahead of the US Federal Reserve monetary policy meet. The NSE Nifty fell by about 23 points to end below the key 8,000-level as investors book…

MF's EXPOSURE TO BANK STOCKS DECLINES

Mutual fund (MF) managers dropped their exposure in bank stocks to Rs 55,398 crore in September, after raising it for seven consecutive month. According to the latest data available with Securities and Exchange Board of India, MF investments in bank stocks as on September 30 declined to Rs 55,398 crore, accounting for 18.84 per cent of the total equity assets under management (AUMs) of Rs 2.94 lakh crore. In comparison, the MF industry's exposure to banking sector had reached to an all-time of Rs 56,625 crore in August this year. However, MFs had been raising their exposure to banking shares since January.
Software was the second most preferred sector with MFs, last month with an exposure of Rs 31,834 crore, followed by pharma (Rs 21,908 crore), auto (Rs 18,892 crore) and finance (Rs 16,358 crore).
Mutual funds are investment vehicles made up of a pool of funds collected from a large number of investors. MFs invest in stocks, bonds, money market instruments and similar assets.
Accord…

WEEKLY ASTRO TECHNICAL GUIDE FOR NIFTY

FURTHER UPTREND….!!! Planetary Position ::  During the current week Moon would be transiting  from Jyeshta in Scorpio to Sravana in Capricorn. Sun transits in Swathi    in Libra. Mercury in Direct motion  from 26th October  transits  in Hastha and Chitta   in   Virgo . Venus transits in  Swathi in Libra. Mars  transits in   Moola constellation in Sagittarius .   Saturn transits in Visakha constellation in Libra and in  Gemini Navamsa .   Jupiter transits in Aslesha constellation in Cancer and in  Aquarius navamsa ..
As opposition between Sun/Venus and Uranus is over, market started recovering and can be expected to continue for this week and November 2nd week can be expected to be quite volatile in view of certain unfavourable aspects.
Nifty Outlook for Next Week :: (27.10.2014 to 31.10.2014) …  
NIFTY :: 8034 (+234) (Bearishness  only below 7950….) Nifty had taken a U turn after 4 weeks of fall and had gone up by 3% and had gone up all the trading days of the week. Last week before Diwali, se…

TATA's PHILONTHROPY EXPLORED

The values at the heart of the Tata Group as well as the role played in its development by the philanthropic trusts that own two-thirds of the company are explored in a new book that is a brief history of the Tatas. How did Tata transform itself from a family-owned venture to the position it is today in an array of unrelated businesses? What is the 'Tata Way', which has earned it much admiration and respect? These are among several aspects that the book "The Greatest Company in the World?: The Story of Tata" by Peter Casey looks into. It charts the contribution of every Tata chairman - from Jamsetji Tata, who set up the company in 1868, to Ratan Tata and Cyrus Mistry in transforming the company into one of the most professionally-managed enterprises in the world. As founder and Executive Chairman of Claddagh Resources, Casey decided to write the book initially to help his recruiters and executive search consultants have a better understanding of Tata Consultancy Serv…

TARGET 50 IN EASE OF DOING BUSINESS

The government is aiming to improve India's ranking in ease of doing business index to 50th position in the next two years from the current 134th. The Commerce and Industry Ministry has already taken several measures and has proposed series of steps, including drastically reducing the time for registration of business to one day, single registration of all labour laws and cut in number of taxes to improve ease of doing business in India. "Aim is to improve the ranking to 50th position in two years from 134th at present. Different government departments have already started consultation and deliberations on steps to improve India's ranking," sources said. They added that meetings would continue to remove all the barriers and simplify the cumbersome procedures related to approvals and clearance mechanism for business activities. According to a World Bank report, India has slipped three positions to 134th spot in the latest 'ease of doing business' list, which i…

IS SAMVAT 2071 BULLISH ONE...

Indian stock markets are likely to remain bullish during the current Hindu calendar year (Samvat 2071) and investors would continue to reap rich gains, say experts. This year has been euphoric for markets. Apart from the last one month or so, overseas investors have been buying heavily. "Now that markets have been acquiring higher peaks, we can see retail investors coming back gradually. We are likely to witness a rise in retail flow into the market this year. That will be healthy for the market as so far Indian market is totally dependent on the FII money," said S K Goel, Director, Bonanza Portfolio Ltd.
"Expect the market to remain bullish from this Samvat to the next but volatility is likely to continue. In this rally so far, IT, pharma, auto consumer, banking had been the leaders and we expect these sectors to remain bullish.
"Cement and infra would do well in the coming year considering the fact that Modi government's focus has been on building new cities,&qu…

NANO FOR RENT

Car rental firm Carzonrent and Tata Motors have inked a pact to launch an initiative in the Delhi/NCR region, under which customers would be able to hire a Tata Nano car for self drive at just Rs. 399 per day.
As part of the ‘Myles City Drive’ initiative, Tata Motors would supply 200 Tata Nano Twist cars to Carzonrent fleet for self-drive service in the Delhi/NCR region.
Under the initiative, Delhi-based Carzonrent would also offer the Nano cars to customers on a hourly basis at Rs. 99 and also for a whole month at a rent of Rs. 6,999.
Customers would also be able to book the car online as well as rent directly from the company’s 43 operational centres across the Delhi/NCR region.
Vij said the Myles City-Drive with Nano Twist is aimed at empowering customers and to enjoy everyday life a little more.
Carzonrent, which started Myles (self drive) initiative last year, currently has a fleet of around 600 vehicles under the vertical.
The company currently offers various cars ranging from M…

EXTERNAL DEBT $346.6 bn IN Q1

The country's international investment position (IIP) has deteriorated during the June quarter as net claims of non-residents rose USD 12.6 billion to USD 346.6 billion following a sharper rise in the value of foreign-owned assets in the country vis-a-vis rise in the value of residents' financial assets abroad. "Net claims of non-residents on the country, as reflected by the net IIP, rose USD 12.6 billion to USD 346.6 billion at the end of the June quarter from the previous quarter," the Reserve Bank has said.
This change in the net position shows a USD 22.9 billion increase in the value of foreign-owned assets in the country vis-à-vis a USD 10.4 billion increase in the value of residents' financial assets abroad, the RBI said.
However, the ratio of the country's international financial assets to international financial liabilities improved to 58.7 per cent in the June quarter from 59.1 per cent in the March quarter.
On an annual basis, the numbers deteriorated …

SAMVAT FORECAST, 2071 :: 2014- 15

Samvat  2070 has ended the year at a high level of  7996 (up from 6317 last year) recording  a rise of more than 25%. Market had come out of the long term consolidation and appears to be heading for a record bull run. This is mainly because of the change of guard at the centre and a Government of Single party with absolute majority, (first of its kind after 1989). In view of the stable Government, lot of reform measures can be expected which would lead to country’s economic development over long term. Now, let us analyse what is in store astrologically, for the next Year.
Let us see how the markets can be in the Next Samvat year 2071. On the
basis of Planetary position at the time of Diwali (New year),  and the
transiting planets  during the year the following indications are available
astrologically.

Samvat Year rises in Simha  Lagna with luminaries (Sun and Moon) placed in 3rd and Jupiter in Cancer in the 12th , Saturn in 3rd in Libra and Rahu and Ketu placed in Virgo and Pisces. Mars is…

SENSEX BIDS GRAND GOOD BYE TO SAMVAT 2070

Samvat year 2070 ended with a bang as Sensex today soared 212 points to finish at one-month high and Nifty jumped 68 points to close just shy of 8,000 mark on optimism festive sales will boost earnings and hopes that Modi government will unleash more economic reforms. The Hindu Samvat year 2070 saw Sensex flaring up by 5,547.87 points or 26.12 per cent, its biggest gain in last five Samvat years. In Samvat year 2065, it had gained 8,813.26 points or 103.57 per cent. Investors in BSE listed stocks gained nearly Rs 25 lakh crore in Samvat year 2070. In a firm but range bound trade today, buying was seen across the board as all 12 BSE sectoral indices closed with gains between 0.06 per cent and 2.97 per cent. Auto, capital goods and pharma counters took the lead in the surge. Second-line stocks also attracted good buying, indicating renewed support from retail investors. "The optimism on the street was mainly due to sustained recovery in the global markets and positive momentum from…

OIL @ $ 82.50

Oil prices slipped today after enjoying a recent upturn in line with a global equities rebound, while analysts said investors will now be keeping an eye on the US Federal Reserve's next policy meeting. However, oversupply and lingering concerns about demand in key markets are capping gains and keeping prices at multi-year lows. US benchmark West Texas Intermediate for November delivery eased 31 cents to close at USD 82.50 a barrel. Brent North Sea crude for December fell four cents to USD 86.18. WTI is stuck around levels not seen since mid-2012, while Brent is at a four-year low. Crude sank in line with worldwide markets last week on fears about the strength of the global economy as China, Europe and Japan struggle to kickstart growth. However, bargain-hunting and indications of loose central bank monetary policies for some time have supported a rebound this week, with US stocks surging for three straight sessions. Adding to downward pressure on oil prices is a supply glut from i…

NIFTY OUTLOOK FOR 21 & REVIEW

MIDSESSION BETTER...CLOSING SUBDUED Nifty                               7879  +99 Nifty opened with an upside gap following reform measures in Energy sector viz., Diesel regulation and Gas Priicng and traded in a narrow range to close with a gain of more than 1%. IT index declined while other inices closed in the green. Nifty would get into short term bullishness if it closes above 7910. Nifty spot is expected to encounter resistance at 7920,, 7955 and find support at 7840, 7800 for Tuesday. While Global cues  and  Funds flow  are expected to broadly guide the market movement, based on the present market position, market can be expected to be generally better in the midsession and remain subdued towards close.
PRE FESTIVE RALLY
Diwali seems to have come early to Dalal Street as benchmark Sensex today zoomed 321 points, its best single-day gain in over a week, on back of much-awaited fuel reforms and hopes of Modi government going ahead with further economic initiatives after BJP's wi…

WEEKLY ASTRO TECHNICAL GUIDE FOR NIFTY

CLOSE TO STRONG SUPPORT….!!! Planetary Position ::  During the current week Moon would be transiting  from Pubba  in Leo to Chitta  in Libra. Sun transits in Chitta   in Libra. Mercury , in Retrograde motion, transits  in Chitta   in   Virgo  and would be  in retro motion till 25th October. Venus transits in  Chitta in Libra. Mars  transits in   Moola constellation in Sagittarius .   Saturn transits in Visakha constellation in Libra and in  Gemini Navamsa .   Jupiter transits in Aslesha constellation in Cancer and in  Aquarius navamsa ..
Venus Sun conjunction (generally referred to as Sukra Moudhyam) depresses values and is generally bearish and Mercury retro motion gives scope for dual movement. Statistics / information during Mercury retro period is generally misleading and unreliable. Grand Square involving Uranus and Sun / Venus is complete and should result in lower volatility and put an end to sudden and swift fluctuations.
Nifty Outlook for Next Week :: (20.10.2014 to 23.10.2014) …   N…

SMART PHONE IMPORTANT PART OF LIFE FOR INDIANS

Tech-savvy Indians have emerged as the most hooked on to gadgets globally with as many as 95 per cent finding their smartphones "critically important" while 75 per cent use their smartphone or tablet to book a hotel, says a survey by leading online travel firm Expedia. "The findings clearly suggest an increasing dependency on the mobile platform. 95 per cent Indian respondents feel that their smartphone is very or of critical importance to their daily life," Vikram Malhi, MD, Asia, Expedia said. He further said that Indians lead in app booking and data roaming plans globally.
"In fact, 75 per cent of Indians who have used their smartphone or tablet to book a hotel have booked a hotel stay using a mobile app (the highest of any country), he said.
The survey highlights the maturation of Indian traveller who is fast moving up the ladder of travel apps and is no longer hooked with conventional modes of bookings, the findigs said.
This survey was conducted from August…

DHANTERAS JOSH IN MARKETS

Top stock exchanges NSE and BSE have decided to extend the trading session for Gold Exchange Traded Funds on Tuesday till 7 PM on account of Dhanteras - a day considered auspicious for buying gold.
Besides, both the bourses have decided to waive off the transactions charges for all trades in gold ETF securities on that day.
In separate notices, NSE and BSE said that they would conduct "an extended live trading session on Tuesday, October 21, 2014" in Gold ETF securities "on the auspicious occasion of Dhanteras".
After the regular market hours from 9:00 AM to 3:40 PM, trading in gold ETFs will resume at 4:30 PM on October 21 and continue till 7 PM, the exchanges said.
The Gold ETFs track the metal's prices and each unit of these securities is generally equivalent to one gram of gold.
It is considered auspicious to buy valuables like gold on occasions like Dhanteras, Diwali and Akshay Tritiya in India.
Returns from Gold ETFs are linked to the domestic price of physical…

HEALTH INSURANCE INDUSTRY TO TOUCH Rs.65,000 CRORES

Insurance companies, both life and non-life, are bullish on their plans of making it big on the health insurance segment, which is one of the fastest growing businesses for them, and have set a target of more than trebling the business to Rs 65,000 crore by FY'20. Health insurance is the fastest growing insurance product for insurers. Last year, the industry did around Rs 18,000 crore and hopes to do Rs 20,000 crore business this fiscal, which should touch Rs 65,000 crore by FY20, General Insurance (PSU) Association chairman G Srinivasan told PTI. State-run New India Assurance, the largest player in the health cover space, has already filed for a new product under health insurance segment with the sectoral regulator Irda.
"We have already filed for a new product under health insurance segment with the Irda and we are waiting for the approval for launch. It's a top-up policy which provides cover beyond a level upto which the cover is being already being provided," Srin…

NIFTY OUTLOOK FOR 20 & REVIEW

POLL OUTCOME TO INFLUENCE Nifty                               7780  +32 Nifty opened steady and after taking Thursday’s low level, it rallied smartly and the gains were trimmed due to profit booking at higher levels. IT index fell sharply due to lower than expected results from TCS and all other indices gained and Banks were the lead gainers. Nifty appears to have support around 200 DMA.  Nifty spot is expected to encounter resistance at 7820,, 7855 and find support at 7740, 7700 for Monday. While Global cues  and  Funds flow  are expected to broadly guide the market movement, based on the present market position, opening would be influenced by the poll outcome of Maharashtra and Haryana and a clear majority for BJP would boost the sentiment. SENSEX RECOVERS FROM LOWS Logging its first rise in three sessions, the benchmark Sensex today recovered 109 points to reclaim 26,000 mark on gains in banking, capital goods and consumer durable shares on hopes that state election results would give…