25 Feb 2010 Market Closing

25 Feb 2010 Market Closing 15:33


Market opened flat and traded in a very narrow range.Nifty made an intraday high of 4880.15 and a low of 4835.60.It closed just 7 points up at 4866.20.Sensex gained 39.05 points to close at 16266.28.
Among the BSE sectoral indices, Capital Goods rose highest by 1.27% followed by IT(0.55%) while Oil&Gas Index was down by 1.05%.
Market breadth was negative as 743 stocks declined and 523 stocks rose on NSE today.
Bata India rose nearly 10% on strong results.Net profits jumped to 67.23 cr from 60.74 cr.for the yera ended on 31st Dec 2009.
New listing Hathway closed 12.08% down on its first day.

A day before the Budget, the Economic Survey today predicted up to 8.75 per cent growth in 2010-11 while recommending a gradual roll back of stimulus -- a move that could entail hike in excise duty and service tax.
Warning that high double digit food prices could lead to "higher-than-anticipated" general level of inflation, the Survey called for effective steps to be taken to remove supply-side bottlenecks together with other policies.The survey said a 44% drop in sugar output to 14.7 million tonnes in the year to September also contributed to rise in food prices.
The finance ministry, in its annual survey of the economy for fiscal year to March 2010, said state-run Food Corp of India and other firms should release wheat and rice from its warehouses when the gap between food and non-food inflations goes above a certain "critical level."

The Survey said the government policy, other calibrated measures and tax reliefs as contained in the stimulus have helped the economy shrug off effects of slowdown triggered by global financial meltdown in 2008.
The buoyancy in the economy in tandem with reforms would make India possibly the fastest growing eocnomy in the next four years, it said while recommending that there was a need for improving government financial by way of rasing tax and non-tax revenues and containing deficit.
Last week, the Prime Minister's Economic Advisory Council too had suggested partial roll back of stimulus measures, including raising excise duty and service tax rates.
The economy is projected to grow by 7.2 per cent this fiscal with industrial and services sectors growing at 8.2 and 8.7 per cent respectivelly. Full recovery is likely over the next two fiscals with up to 8.75 per cent growth in 2010-11 and nine per cent the subsequent year.
The government today invited applications from mobile operators to participate in the auction of 3G spectrum and allowed three private players in most of the circles while four in five states including Punjab and Bihar.

According to the Notice Inviting Applications (NIA) for 3G spectrum auction in 22 circles, most of the circles including four metros -- Delhi, Mumbai, Kolkata and Chennai -- would have three private players.
Only five states of Punjab, West Bengal, Bihar, Himachal Pradesh and Jammu and Kashmir would accommodate four private operators.

The document said all successful bidders would be allowed to offer 3G services on commercial basis from September 1, this year.

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