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Post Budget rally likely to continue

This article was posted on Mar 4, 2010 and is filed under Market Outlook

Markets today manged to slip lose its steam after a 4 day winning streak, Nifty closed 8 points lower to end at 5080, where as Sensex slipped 44 points and ended at 16,955.

Stocks saw some selling pressure today due to fears of an interest rate hike emerged following a rise in inflation. Food inflation rose to 17.87% and may lead to the RBI raising borrowing rates.

The BSE mid-cap and small-cap indices out-performed the broader markets and added around 0.8% each to 6,694 and 8,378, respectively.

FII’s today remained buyers, making a net investment of 634cr’s, where as DII’s were net sellers worth 600cr’s.

Among the 30-stocks of Sensex, 15 stocks ended in the positive and 15 ended in the red. Tata Steel, L&T, HIL, SBI and Reliance Infra were among the top gainers.

Markets are likely to continue its Post Budget rally in the coming week, Technically Nifty faces some resistance at 5100 levels, and support at 5030.

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