The Sensex and Nifty both loitering near its previous close and the market will eventually close flat.
RIL shares were flat at Rs. 886.50. If the gas prices are not hiked from April 1, then there could be a sell off in RIL shares.
Reports quoting Chief Election Commissioner VS Sampath said that the poll panel would look into the decision to hike gas price from April 1. The Supreme Court will on Monday hear PILs against gas price decision.
Hindalco shares fell 1.4 per cent to Rs. 121.30 after a report said that Moody's has warned of a ratings downgrade of its unit Novelis.
The global cues were mixed. The Wall Street yesterday ended marginally lower after the S&P 500 hit a new peak earlier in the session.Biotech's were hit hard and it could be the start of a correction?
The daily momentum is waning and if the Nifty does not manage to take out the 6572 levels in the next few sessions, it could see nearly 200-point correction.This up move is going to cost a lot of money which can be anything over 20, 000 crores plus at the minimum, and with the chinese PMI due on we can see more pressure on the market.The chances of the market going down is now more than it going up further.