MUMBAI: Markets opened higher Friday in line with other global markets. Realty, Metals and stocks were amongst the major gainers. At 9:55 am, National Stock Exchange’s Nifty was at 3405.50, up 36.30 points and Bombay Stock Exchange’s Sensex was at 11055.23, up 107.83 points.

“The benchmark indices witnessed profit booking at 200 Day SMA which dragged the indices to close near days low. On the daily charts, we are witnessing a bearish Dark Cloud pattern formation, which suggests further weakness in the coming trading session. On the downside, if the indices trade below 10900 / 3354 (Sensex/Nifty) levels then it may test 10720 – 10560 / 3310 – 3270 levels. However, on the upside 11260 – 11370 / 3460 – 3510 levels may act as resistance for the day. Short-term traders who had initially book partial profit at 11250 / 3450 levels are now advised to book full profits at current levels,” said Angel Broking note.

Unitech, the troubled real estate company, has raised Rs 1,620 crore ($325 million) at Rs 38.50 per share through a qualified institutional placement (QIP) issue. This fund mobilisation exercise will ease the liquidity position of the cash-strapped company, which is faced with a total debt burden of Rs 8,000 crore. Unitech is due to repay Rs 500 crore to mutual funds by Sunday and while earlier there had been talks of rolling over this repayment, it now appears that the company will be in a position to meet its obligation. The scrip was up over 10 per cent.

The retail price of sugar has touched Rs 28.50/kg in parts of the country, and is set to cross Rs 30/kg, according to the trade. The reason: a shortage of cane, which has seen its price climb to more than double the statutory minimum price (SMP) of Rs 81.50 per quintal.

Iron ore exports increased 17% to 12.6 million tonnes in February 2009 from 10.8 million tonnes in the same month a year ago, backed by a moderate revival in demand from Chinese steel producers, as per the latest data compiled by a group of top Indian mining firms.

US stocks advanced on Thursday on hopes of good results from the frontline companies. JPMorgan’s better-than-expected profit added to bank stabilization hopes. The Dow Jones industrial average rose 95.81 points, or 1.19 per cent, to 8,125.43. The Standard & Poor’s 500 Index gained 13.24 points, or 1.55 per cent, to 865.30. The Nasdaq Composite Index climbed 43.64 points, or 2.68 per cent, to 1,670.44.

Asian stocks rose and the yen slipped, after upbeat results from JPMorgan and Google kept a revival of risk taking alive, with Asian shares outside Japan on track for a sixth week of gains. A jump in Chinese industrial output in March has added to a sense previously instilled by US indicators that the pace of deterioration has slowed from the alarming rate of just a few months ago. Nikkei was up 2.22 per cent, Strait Times gained 1.31 per cent and Hang Seng moved up 1.94 per cent. Shanghai Composite was down 1.13 per cent.

source: Economictmes

Tags: DMA, indices, markets, nifty, nse, realty, sensex, SMA, stocks, unitech

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