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GLOBAL MARKETS

US Markets

The US markets closed almost flat on friday with Dow and Nasdaq posting minor gains.

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GLOBAL MARKETS

US Markets

The US markets were almost flat with Dow and Nasdaq posting minor gains.

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After good numbers posted by tech majors Infosys, Satyam and Wipro, today Reliance Industries has posted yet another set of Q4 numbers beating street expectations. The turnover was seen at Rs. 25895 crores versus Rs. 24542 in the corresponding previous quarter. The Q4 GRM (Gross refining margins) stood at $13/bbl versus $11.30/bbl in the last quarter of the same fiscal.
The net profit was up to 2853 crores versus 2502 crores up 20.3 percent year on year basis.

GLOBAL MARKETS

US Markets

On the back of good quarterely results posted by US corporates the Dow Jones closed above 13000 levels for the first time and the mood seems to be bullish with less chances of an economic slowdown. Amazon.com rose 27 percent after it announced better than expected quarterely numbers.

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The Reserve Bank of India in its credit policy announced today has left the rates unchanged. This is a very positive news for Banking, Auto, Real Estate and construction industries.
The markets should start moving up on this news. Some stocks to initiate long positions are :

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GLOBAL MARKETS

US Markets

The rise of crude oil prices to $65 and the problems in subprime mortgage market led the US stocks plunge and Dow Jones fell to 12919 after touching an intra day high of 12983 just short of 13000 levels. The biggest dragger was General Motors down 3.19 percent to $30.67.
Dow Jones closed at 12919.40 down 42.58 points or 0.33 percent
Nasdaq Composite closed at 2523.67 down 2.72 points or 0.11 percent.

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We had recommended buying of Idea Cellular on 20th March at Rs. 93. Presently it is quoting at Rs. 118, we recommend profit booking at this level as it becomes a bit risky above this level. Investors who have bought below Rs. 100 levels are in good profits, it is a good level for exiting the counter.

GLOBAL MARKETS

US Markets

On Friday Dow Jones closed at 12961.98 up 153 points or 1.20 percent and Nasdaq Composite closed at 2526.29 up 21 points or 0.84 percent.
Dow closed at a record high on good quarterely results posted by Google and Caterpillar. The results posted by these companies were better than street expectations, Google closed at $482.48, 2.30 percent up.
The earning season seems to be good for US markets and the DOW might cross the crucial barrier of 13000 soon.

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Yesterday our markets had a volatile session and inspite of very negative global cues we were able to recover at the end of the session which has reassured the uptrend of the markets. Satyam and Wipro have also posted good results and the whole IT lot is now expected to outperform the sensex. Today the Asian markets have bounced back and have opened well in the green and our markets are also expected to show some strength.

The US markets closed almost flat yesterday and Asian markets have opened deep in the red today may be due to weakning Yen against dollor with NIKKEI down about 416 points and Heng Seng down about 420 points (almost 2 percent). We rallied yesterday with IT and metal stocks leading and today we expect a gap down opening in line with asian markets and the crack may go deeper if more shorts are build up during the day. NIFTY has a strong support at 3970 and if breached it may fall down to 3930.