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Market is losing momentum; buy on
dips
The stock market opened the week in a sombre mood after an
extended holiday but recovered midway through the week on hopes of a rate cut
by the Reserve Bank of India (RBI). In the meantime, media headlines have raced
towards optimism quoting "Sensex may touch 30,000...", "Stocks
likely to sprint.." All these singularly point out to a short-term
outburst of optimism, which will inevitably lead to a correction.
RBI is expected to announce a
rate cut at its : April 5 review. A reduction of 0.5 per cent is the
expectation of the Street, but a lower-than-expected rate cut would set in a
deeper correction in the market. The
domestic economy has closed the year with a GDP growth of 7.6 per cent, a
respectable number amid global turmoil during the year. Maruti SuzukiBSE 0.11 %
and Ashok LeylandBSE 1.52 % have registered growth rates of 15 per cent and 31
per cent, respectively, in monthly sales compared with the previous year,
indicating robustness at the ground level in the economy.
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