Despite the on-going tussle between Securities and Exchange Board of India and IRDA and on lower than expected IIP nos, the markets on Mon
day ended with marginal losses.
Insurance Regulatory and Development Authority assured investors on Monday that the equity-linked products are safe, while seeking more clarity on the jurisdiction of the two regulators.
The finance ministry has also intervened to sort the matter which is a positive sign from the investor point of view.
The Industrial output for the month of February has eased to 15.1%. The output is expected to lower further following moves to withdraw an economic stimulus, including a interest rate hike in March.
Now it will be interesting for us to see whether the RBI will tinker with rates agin in April review.
The Sensex opened in the green at 17,874 owing to positive Asian cues. However its soon slipped into the red owing to selling in the banking and the realty sectors.
The benchmark index tried to recover but soon slipped to a low of 17,816 towards the end of the trading session. The index finally ended at 17,864, down 80 points. The NSE Nifty is at 5,340 down 22 points.
Inspite of two big negative news looming in the market, the index lost around 100 points,owing to the huge FII inflow which kept the sentiments positive.
INDEX LOSERS. . .
Tata Motors slipped 3% to Rs 782. Larsen & Toubro, Mahindra & Mahindra and Sterlite are down 2% each.
The other major losers are Sterlite, NTPC, Tata Power and Reliance Communication, down 1-2% each.
AND THE GAINERS. . .
Hero Honda, Sun Pharma and Hindustan Unilever have added 1.5% each at Rs 2,086, Rs 1,792 and Rs 223, respectively.
The other major gainers were ITC, Tata Steel, Hindalco and TCS, up 0.5% each.
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