Indian market had moved higher continuously in last two month due to strong global liquidity, Reserve banks rate cuts, Government’s steps to minimize deficit and investment by FII.
Market started to go weak at end January, due to lack of support from Global peers and disappointing second half earning session.
Fifty share index Nifty closed down 35 points at 5903.50 on Friday, making high at 5953.70and low at 5883.65. 10 stocks advances on index.
Indian IT stocks gained after rise in Cognizant Technology quarterly earnings. TCS gain 2% and Wipro closed above 1%.
Ambuja and ACC stocks was under pressure on Friday, Ambuja closed down 11 points and ACC share down 49 points yesterday. Both Cement companies post their quarter ended report on Thursday. Ambuja reported 5.5% growth in net profit lower than expectation and ACC reported 18.6% dip in net profit.
Nifty Future derivative declined 0.80%, added 1.31% position in open interest. Option call traded 22.75% lower, added 40.99% and Put traded 40.75% higher added 17.36% position in open interest.
Market is showing a caution note, we expect it will be trade in tight band due to upcoming union Budget 2013-14. A growth of supportive budget and Government reforms may reinforce it.