Market Outlook  

Key Indices: 

Indices opened down over 1% on weak cues from overseas markets. In the mid session, Market extended losses midway through the session, shedding 4% on heavy selling in bank and information technology shares. Concern that the sharp rise in domestic inflation would dent growth and news the Institute of Chartered Accountants of India has asked companies to disclose all losses on derivatives contracts for the current financial year ending today dampened the sentiment here. 

Outlook:

Markets are likely to be volatile with profit booking at higher levels with gap opening

Medium term sideways and long term remains positive.

  KEY Indicators: 

 Market News: 

• Punj Lloyd gets $68 mn order from Italy co
• Aksh, Eros pact for offering video-on-demand on MTNL’s IPTV svc
• L&T gets Rs 5.76 bn order from HPCL
• MSP Steel & Power gets prospective license for limestone mines
• Suven Life Sciences gets patents for 2 molecules in Korea, Mexico
• Subex launches new Moneta 2.6 version for telecom cos
• M&M to invest Rs 15 bn more in Maharashtra plant
• BHEL gets Rs 5.5 bn order from New Caledonia

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