July 6th 2009 Market Update

01:28 PM Monday , 06 July The market slides and is trading weak on lack of major announcements in the budget. Sensex is trading at 14,336, down 576 points and Nifty is at 4,248, down 175 points from the previous close. Source : IRIS

01:13 PM Monday , 06 July Indian Union Budget 2009-2010: The market was running ahead of realty and so there is some disappointment for corporate Indian from the budget, says Uday Kotak of Kotak Securities. But this is a great time for medium-term investors who were left out to get into the market now, he adds. Source : CNBC TV18

01:11 PM Monday , 06 July Indian Union Budget 2009-2010: The Finance Minister has not packaged the budget very well, says Samir Arora of Helios Capital. But the market will forget about the budget in 4-5 days, he adds. Source : CNBC TV18

12:15 PM Monday , 06 July The market at noon has plunged, in an initial reaction to the Union budget even as the Finance Minister is in the midst of presenting it in Parliament. Sensex is trading at 14,660, down 252 points from its previous close, and Nifty is at 4,338, down 85 points. Source : IRIS

12:03 PM Monday , 06 July An hour into opening. the market is looking positive, just a few minutes away before the Indian Finance Minister places the Union budget in Parliament. Sensex is trading at 15,013, up 100 points from its previous close, and Nifty is at 4,454, up 30 points. Source : IRIS

11:09 AM Monday , 06 July Markets may gain 5-10% post-budget, says Shankar Sharma, market expert. He believes that the Sensex can go up to 15,400 this week. He does not think STT should be cut but is in favour of a phased-out hiking. I would be a seller in any near-term rally, he adds. Source : CNBC TV18

10:35 AM Monday , 06 July The market appears to be in a mood to take everything positively, says Vibhav Kapoor of IL&FS. The sentiment is positive and the market can only go up, he adds. He thinks that if the budget is positive then Nifty could test levels of 4,600 and even 4,800 in the next week. But after that, the Indian market will follow global trends but, in case of a good budget, will continue to outperform. Source : CNBC TV18

10:16 AM Monday , 06 July The market opens on a quiet note, on this very important day when the announcement of the Union budget is just a little over an hour away. Global cues are flat with Asia trading mixed. Sensex is trading at 14,960, up 47 points from its previous close, and Nifty is at 4,435, up 11 points. Source : IRIS

09:56 AM Monday , 06 July The market will be cautiously optimistic just ahead of the budget (to be announced at 11am today), says Pankaj Jain of Satguru Capital. He expects the market to remain range-bound, between 4,250-4,650 for the next few days. If the budget is positive, then he would advise traders to shed their long positions and if it is negative, then he suggests buying in case of correction. Source : ZEE BUSINESS

09:38 AM Monday , 06 July More likely to be aam aadmi Budget. Corporate India seeks reduction in direct and indirect taxes, said Venugopal Dhoot, Videocon Industries. Source : NDTV PROFIT