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Indian stock markets close day in positive - March 20, 2007 - Closing bell

March 20th, 2007

The Indian Stock markets despite loosing some of its gains in the last few minutes of trade remained positive giving a signal of some possible upturn after few weeks of losses. NIFTY closed the day at 3697.60 (+0.51%)

Sensex gained 60.95 pts today and managed to close at above 12700 levels - precisely to say at 12705.94 (+0.48). All the indices closed with a positive note, most of which are below the +1% mark.

Nifty gainers of the day are Jet Airways (+8%), Ranbaxy which pulled out of Merck’s generic bidding today (+6%), OBC, REL and Grasim (+4%). On the loosers list are MTNL, BHEL, Tata Steel, Infosys Technologies and Sun Pharma (all about -1%)

The USD/INR rate seems to be a concern now. The USD/INR is at 43.76 at the moment. Margins of large exporters and earnings of IT companies will get an impact due to large fluctuations on the forex rates. With the final quarter results all set to start in few days from now and since analysts are looking out for the results with keen eyes, IT companies will see some pressure building to ensure their stake holders investments are taken care of.

Entry Filed under: Equity Markets, Closing Bell