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Money Feb 12, 2013

Nifty flat, Unitech down 15% on 2G tape controversy

By Firstbiz Staff

The Indian markets opened flat after consolidating for eight consecutive market sessions. Most experts have cited IIP data and the upcoming Budget as the next trigger for markets.

While the Sensex opened positive, up 0.13 percent at 19485, the Nifty was flat, up 0.09 percent at 5902.

According to JM Financials, the markets should see at least a 10 to 15 percent upside from the current levels.

Weak start to the day; Sensex is marginally up, Nifty is flattish

Weak start to the day; Sensex is marginally up, Nifty is flattish

Unitech shares however were down 10 percent after CBI initiated a preliminary inquiry against A K Singh, a CBI prosecutor, for allegedly revealing the "prosecution strategy" to one of the 2G accused, suspected to be Unitech Managing Director Sanjay Chandra. On Monday, the CBI confirmed that it has removed its prosecutor, AK Singh, based on audio tapes that purportedly reveal him advising Chandra on his legal strategy. Both Singh and Chandra were questioned on Monday.

Little wonder that realty index is the top loser today with DB Realty, another 2G accused, down 12 percent.

ONGC shares are up 1.5 percent after the company's Oct-Dec net profit beats forecast; the stock is the top Sensex/Nifty gainer.

MCX-SX started its first trade on its new equity platform on Monday. The action was restricted to a few stocks. The value of shares traded on the MCX-SX in its first day was just Rs 69 mn, its web site showed, compared with 94.57 billion on the NSE.

Coal India, IndianOil and NHPC are likely to be the main candidates for disinvestment next year as the central government prepares to set its sights higher after this year's welcome performance, says a report.

Meanwhile, despite inflation falling from peak levels, seven percent plus is still above comfort levels, said Reserve Bank of India Governor D. Subbarao adding that this was due to rising income levels in the rural areas, global oil prices, high fiscal deficit, and demand pressures.

by Firstbiz Staff

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