www.rupeedesk.in
The interim budget for 2014-15 (Apr-Mar), to be presented by Finance Minister P. Chidambaram on Monday, will set the trend for local equities next week. As no major announcement is likely in the interim budget, trade will remain rangebound, and any rise will be used to book profits. We see the National Stock Exchange's nifty moving in the range of 5900-6200 points. Among specific sectors, banking stocks are likely to trade with a weak bias next week but public sector banks like State Bank of India, Bank of Baroda and Punjab National Bank may see some buying as they are in an oversold zone. Yesterday, State Bank of India slipped 1.7% to close at 1,475.10 rupees as its Oct-Dec net profit was below Street expectations, owing to worsened asset quality in the quarter. The Nifty ended at 6048.35, up 47.25 points or 0.8% from close Thursday, due to short covering, after moving between 5984.60 and 6056.40 during the day. The S&P BSE's Sensex ended at 20366.82, up 173.47 points or 0.9% after trading between 20149.01 and 20391.95. MCX Stock Exchange's SX40 closed at 12194.57, up 72.40 points or 0.6%. Intraday, it moved between 12073.62 and 12211.39.
The interim budget for 2014-15 (Apr-Mar), to be presented by Finance Minister P. Chidambaram on Monday, will set the trend for local equities next week. As no major announcement is likely in the interim budget, trade will remain rangebound, and any rise will be used to book profits. We see the National Stock Exchange's nifty moving in the range of 5900-6200 points. Among specific sectors, banking stocks are likely to trade with a weak bias next week but public sector banks like State Bank of India, Bank of Baroda and Punjab National Bank may see some buying as they are in an oversold zone. Yesterday, State Bank of India slipped 1.7% to close at 1,475.10 rupees as its Oct-Dec net profit was below Street expectations, owing to worsened asset quality in the quarter. The Nifty ended at 6048.35, up 47.25 points or 0.8% from close Thursday, due to short covering, after moving between 5984.60 and 6056.40 during the day. The S&P BSE's Sensex ended at 20366.82, up 173.47 points or 0.9% after trading between 20149.01 and 20391.95. MCX Stock Exchange's SX40 closed at 12194.57, up 72.40 points or 0.6%. Intraday, it moved between 12073.62 and 12211.39.
