VantageTrade Eagle Eye: Indian markets open flat following global peers

Yesterday’s trading session was volatile as the markets were impacted by all the news clarifying General Anti Avoidance Regulations (GAAR) provisions which will be applicable from April 1. Indian markets ended up more than 1% today. Due to new tightening regulatory norms by the RBI, the selling pressure was observed in gold loans. Nifty ended up 58.9 points and closed at 5243.15. Sensex finished up 204.58 points, at 17,257.36.

Asian and US shares fell today as investors are waiting for more information about the condition of the US economy. Japan's Nikkei 225 index was trading 1.07% lower at 10,145.62, reversing from 2.4% yesterday which was the higher level since the tsunami happened on March 2011. Hong Kong's Hang Seng index was trading lower at 20,904.12, down 0.7%. South Korea's Kospi index was trading 0.2% lower at 2035.45. China's Shanghai index was trading at 2324, down 1.03%. The Dow Jones industrial average was down 43.90 points, or 0.33%, to close at 13,197.73. The Standard & Poor's 500 Index dropped 3.99 points, or 0.28%, to 1,412.52. The Nasdaq Composite Index dipped 2.22 points, or 0.07%, to 3,120.35.

Nifty and Sensex, following the global peers, started the session down. It’s mainly due to no positive global triggers, as well as profit booking by investors.  Nifty opened 11.45 points down, at 5,231.70 and Sensex was down 22.88 points, at 17,234.48. The main focus today will be put on Kingfisher Airlines shares as it terminated operations to 28 of its 56 destinations over the past two days and made at least 40-50% staff redundant.  The close eye will be also kept on SBI after the public sector bank raised interest rates on term deposits for up to a year by 1%.

The rupee fell today on dollar demand from oil importers while weak equities across Asia created doubts about the pace of capital inflows. The rupee was at 50.86/$.  In the meantime, the crude oil continued to remain firm at $124.90 per barrel.

Other Economic and Political News:

-        65% of government’s borrowing to be in 1HFY2013

-        No subsidy for digitalization but implementation on track: Government

-        Rs.2.73lakh cr of I-T dues locked up in disputes: Government

-        REpower signs contract for supplying 54 turbines in Germany

-        Patni gets Rio Tinto outsourcing order

-        Gammon Infra bags Rs.935cr road project from NHA

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