Today Nifty has marginally closed above 4500 levels. Nifty made a high of 4600 but could not stabalize and immediately seen trading in the -ve zone. Profit booking was seen in the frontline stocks. RIL -RNRL case results were out. Markets men found favour in the RNRL side. The stocks was almost up by 22%, but RIL was down by 7%. HC asked RIL to supply gas to RNRL at 2.34per mmbtu to the tune of 28 mmscmd for 17 yrs.Due to this RIL will suffer loss of 3600 CR. But till 2011 earnings of RIL will not be hurt, as RNRL will take at least 2 yrs to build a gas - based power plant. Selling in the RIL counter triggered the Indices to fell almost 4.5%. Sensex made a low of 14808 but closed at 14941, marginally down by 15000 levels. Nifty still managed to close above 4500 to close at 4503, after making a low of 4469. Before the RIL-RNRL case results were out, markets witnessed selling pressure. SGX Nifty was down around 1% before the open of the markets in India. Metals, Capital goods and reality stocks were down heavily. Viewers of this blog have been informed in the recent past the marekts are looking pretty heavy and the markets will see some correction.
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