Today, the market is expected to open on a weak note. The Nifty is likely to find some support near the 2780 levels. Global cues on Monday worsened the situation and the broader indices came tumbling down. Thank God the US markets were closed for President’s Day. Stocks in Europe, Asia and Latin America fell. Japan’s Nikkei is down 1.5% as it grapples with its worst economic crisis since the end of World War II. Britain was warned it faces the worst recession in almost three decades, the Group of Seven offered no solution to revive global growth and commodity prices sank.
It’s raining data on pledged shares. Dhoots, promoters of Videocon group have pledged 36.14% in Videocon Industries. United Breweries’ promoters have pledged 7.5% stake. Kingfisher Airlines’ promoters have pledged a 43.8% stake. Sound beats came in the form of desk thumping by the coalition members even as the market gave a thumbs down to the budget falling over 3%.
The outlook remain bleak for the moment, with the interim budget out of the way no markets lack triggers and also with the US markets to remain closed overnight, markets might remain choppy.
