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Indian Markets remain buoyant
Wed, 4 Mar 01:30 pm

NSE-Nifty and BSE Sensex opened today's session with all-time highs but retreated as investors booked some profits. BSE Sensex is trading up by about 200 points with gains of 0.70% while NSE Nifty is higher by over 50 points with gains of 0.60%. Nifty is trading above the 9000 level mark but a tad below 9050. BSE Mid Cap and BSE Small Cap indices continue to trade marginally in the green. Commodities are trading on a flattish note. Gold price has gained marginally by 0.03% or Rs 6 and is trading at Rs 26,466 per 10 grams while Silver is trading in the red with a loss of 0.43% or Rs 155 at Rs 36,300 per kilogram. Crude oil is trading with marginal gains of Rs 6 at Rs 3,144 per barrel. The Indian Rupee has declined marginally by 0.03 and is trading at Rs 61.88 against the U.S. Dollar.

Asian stock markets closed today's trading session mixed with Japanese and Chinese market ending with losses of 0.6% and gains of 0.5% respectively. Hong Kong markets and Taiwan markets ended with losses of 1.2% and 0.17%, respectively.

Banks and Real estate stocks were the front running in today's rally which was kick-started by the RBI cutting the repo-rate. As per a leading financial daily, Nitesh Estate has entered in a joint Venture with the U.S. based investment bank Goldamn Sachs. The joint venture between Goldman Sachs and Nitesh Estate is valued at be Rs 18.5 billion. Under this new JV, the combined entity will deal in purchasing shopping malls, luxury hotels and office parks. Around 74% of the stake will be held by Goldman Sachs while the remaining 26% will be held by Nitesh Estates. The stock spiked 20% today

Starting today, the Government will be starting the much awaited spectrum auction. This auction is expected to fetch about Rs 800 billion as companies bid for different circles and airwaves across 22 circles. This auction holds greater importance for four companies namely Idea Cellular, Airtel, Vodafone and Reliance Communication as their licences would become invalid next year. Most of the telecom companies traded in the green with gains of over 2% due to spectrum auction. Idea Cellular led the pack with gains of about 4%.

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