The markets closed negative on Monday because of the Budget presented on Friday, which made investors disappointed. Also Moody’s, the rating agency, said that the Budget is credit negative for government and mixed for banks and corporates. The absence of positive news from global also intensified the negative sentiment in the markets. Sensex ended at 17273.37, down 192.83 points or 1.10% and Nifty closed at 5257.05, down 60.85 points or 1.14%.
US stocks rallied supported by strong gains in Apple after the announcement that it would pay a $10 billion annual dividend and buy back stock. "Apple Inc, the world's most valuable publicly traded company, rose 2.7% to $601.10 - marking the first time the stock has ended above $600 - and inching closer to a 50% gain this quarter," said a Reuters report.
The Dow Jones industrial average increased 6.51 points, or 0.05%, to 13,239.13 at the close. The S&P 500 Index edged 5.58 points, or 0.40%, to 1,409.75. The Nasdaq Composite rose 23.06 points, or 0.75%, to 3,078.32.
Asian shares opened mixed today morning, led by technology stocks gains, following the announcement made by Apple and the increase of fuel price made by China for the second time in less than 6 weeks.
The Japanese markets are closed today for the Vernal Equinox. They will re-open on Wednesday.
Hong Kong’s Hang Seng index was trading lower at 21,082.12, down 0.1%. South Korea's Kospi index was trading 0.03% higher at 2047.45. China's Shanghai index was trading at 2390, down 0.7%.
Today the Indian benchmarks proved again that they are unpredictable. After Red Monday, Sensex and Nifty opened in a positive note. The Nifty opened the today’s trading session at 5,257.15 and Sensex rose 35 points from the previous close and started at 17,308.89. The investors will keep an eye on Kingfisher, after the aviation regulator on Monday called Vijay Mallya, owner of Kingfisher Airlines, to seek an explanation on why his carrier can't stick to its revised schedule. There are reports of a possibility that Kingfisher's license could be suspended if it was not able to get its act together.
Other Economic and Political News:
- Inflation may fluctuate for couple of months: Pranab Mukherjee
- Retail inflation based on CPI came at 8.83% in Feb
- Govt. seeks nod for Rs.4,30,000cr of additional expenditure in FY2011-12
- Food bill to entail Rs.1,12,000cr subsidy burden
- Car sales growth to stay positive in FY2012: SIAM
- DoT to finish spectrum auction by February next year: Finance Ministry
- Power producers oppose any hike in gas prices
- No immediate price cuts on branded garments: Retailers
- CIL earns Rs.4,900cr more in e-auction of coal
- ONGC to invest Rs.2,600cr in gas fields development
- Kingfisher's flying permit may be cancelled