Indices to open flat

The market remains in a sideways movement with global cues dictating the movement more than anything else

The market remains in a sideways movement with global cues dictating the movement more than anything else. The strength of the dollar continues and the euro seems to be having a free fall shedding over 12% in 2015. The Indian market too is finding it difficult to stay in the green for most part of the day.

The outlook is a flat start. Indices will open flat and remain in a range yet again. Focus later in the day will be on CPI and IIP numbers.  The market is really lacking triggers to push ahead confidently but the bias could turn positive slowly as indices have been staging a comeback on intra-day basis. Even as global markets are worried about a likely interest rate hike in the US, South Korea has chosen to unexpectedly lower its benchmark interest rate to a record low of 1.75 percent.  US indices closed lower.  Asian market is mixed with Nikkei in the green and Hang Seng flat. China’s Shanghai is managing to stay afloat.

Wipro held its ritual with analysts and maintained its sequential revenue growth outlook for the ongoing fourth quarter at 1-3%. The stock could see some positive action even though cross-currency and energy-related clients remain an issue for the industry.

Moody's has rated India as stable with a rating of Baa3, reflecting the balance. 

In the seventh day of the auction, 380 MHz of the spectrum were auctioned by government in four bands, according to a media report. No takers were there for spectrum auction for 2100 MHz in the key circles, the report said. 

Minister of State for Finance Jayant Sinha reportedly said that the government is contemplating a host of measures to push stalled projects and deal with the problem of rising non-performing assets (NPAs) of banking sector."We discussed the NPA issue (and) the situation in stalled projects, " says Sinha.

CBI Court has come down heavily on Hindalco, saying documents recovered during raids at the company's premises by the CBI show that a plan was chalked out by the aluminium maker to tap bureaucratic and political channels to obtain the Talibara-II coal block, a report in ET stated. The Trial Court summoned Aditya Birla group Chairman Kumar Mangalam Birla and former prime minister Manmohan Singh for April 8 hearing in coal scam.

HCL Technologies zoomed to record high of Rs. 2,117 in early trade after fixing its record date for bonus issue. The company today fixed 20 March, as the record date for 1:1 bonus issue.

Real estate stocks were in limelight after the BJP-led NDA government passed the amended Land Acquisition Bill in the Lok Sabha. Unitech stock zoomed 7% to Rs. 19.90, while HDIL surged over 3 per cent to Rs. 116, and Indiabulls Realestate rallied over 2 per cent to Rs. 74.65. 

Natco Pharma Ltd stock hits 10% upper circuit at Rs. 1800.The company announced that it is pleased with the U.S. Supreme Court’s decision to deny certiorari for the generic version of Tamiflu oral capsules (oseltamivir phosphate). 

Gujarat Fluorochemicals Ltd (GFL) has said that the price band of equity shares of its subsidiary Inox Wind will be between Rs. 315-325 per share.The Issue shall open for subscription to public on March 18, 2015 and shall close on March 20, 2015. The price band has been fixed between Rs. 315 to Rs. 325 per share." 

Crompton Greaves has announced that it has received Order Worth €3.4 m in Saudi Arabia.The stock ended 1% lower at Rs. 175.

Metal stocks ended on a lower note after China's Industrial production fell more-than-expected last month. Hindalco stock was down 5% at Rs. 131 as Kumar Birla's summon order also weighed on the sentiment.

Lower oil prices will reverse the financial performance of oil exporters and importers in 2015, with exporters' public finances coming under renewed pressure and importers given some help in reducing their deficits, Moody's Investors Service says in a report.