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(prHWY.com) March 4, 2013 - indore, India -- WEEKLY NEWS
* Budget 2013: Mauritius shouldn't be preferred route of investment: FM
Clarifying the government's stance on the Double Taxation Avoidance Agreements (DTAA), the Finance Minister P Chidambaram said that Mauritius should not be the preferred route of investment."Investment comes from over a 100 countries, so I don't think Mauritius can or should be the preferred route for investment. There are other routes for investment but Mauritius does give a certain advantage to the investor today. If the advantage is enjoyed by genuine Mauritius resident or businessmen, then we have no complaint," he elaborated
* IOC hikes petrol price by Rs 1.40 per litre
Petrol price was today hiked by Rs 1.40 per litre, the second big increase in rates in as many weeks. A rise in international oil prices and depreciation in rupee have necessitated a Rs 1.40 per litre increase in price of petrol with effect from midnight tonight, said a statement by Indian Oil Corporation
* Hero MotoCorp reports 4% fall in February sales
Country's largest two-wheeler maker Hero MotoCorp today reported a decrease of 4.24 per centin its sales at 5,01,271 units in February 2013. The company had sold 5,23,465 units in February 2012, Hero MotoCorp said in a statement.Also read: Labour pangs for Hero Motocorp; 5 workers on hunger strikeHero MotoCorp
* KEY BENCHMARK INDICES EDGED LOWER IN THE WEEK ENDED FRIDAY, 1 MARCH 2013 AFTER THE FINANCE MINISTER PCHIDAMBARAM ANNOUNCED HIKE IN SURCHARGE ON CORPORATE TAX FOR DOMESTIC COMPANIES AND DIVIDEND DISTRIBUTION TAX IN BUDGET 2013-14. THE S&P BSE SENSEX DROPPED BELOW THE PSYCHOLOGICAL 19,000 MARK DURING THE WEEK.INDIAN STOCKS FELL IN TWO OUT OF FIVE TRADING SESSIONS IN THE WEEK ENDED FRIDAY, 1 MARCH 2013. THE BSE MID-CAP AND THE BSE SMALL-CAP INDICES WITNESSED MAJOR SELLING PRESSURE DURING THE WEEK
* IN THE WEEK ENDED FRIDAY, 1 MARCH 2013, THE 30-SHARE S&P BSE SENSEX FELL 398.49 POINTS OR 2.06% TO 18,918.52. THE 50-UNIT CNX NIFTY FELL 130.60 POINTS OR 2.23% TO 5,719.70.
* THE S&P BSE MID-CAP INDEX DECLINED 4.36% AND THE S&P BSE SMALL-CAP INDEX FELL 5.63%.BOTH THESE INDICES UNDERPERFORMED THE SENSEX.FROM 30-SHARE SENSEX PACK, 19 STOCKS DECLINED AND REST OF THEM ROSE.
* COAL INDIA (DOWN 5.46%), HDFC (DOWN 3.23%) AND DR REDDY'S LABORATORIES (DOWN 4.35%)EDGED LOWER FROM THE SENSEX PACK. BANKS STOCKS DECLINED.ICICI BANK FELL 3.23%.HDFC BANK DECLINED 5.79%. METAL STOCKS WERE MOSTLY LOWER. HINDALCO INDUSTRIES (DOWN 7.65%), STERLITE INDUSTRIES (INDIA)(DOWN 4.31%) AND TATA STEEL (DOWN 6.27%) DECLINED.JINDAL STEEL & POWER ROSE 0.39%.IT STOCKS ROSE ON WEAK RUPEE. A WEAK RUPEE BOOSTS REVENUE OF IT FIRMS IN RUPEE TERMS AS THE SECTOR DERIVES A LION'S SHARE OF REVENUE FROM EXPORTS.
* Nifty down by 151 pts and settle at 5719.70
* Bank Nifty down by 579 pts at 11540.05
Factors to watch
* Nifty looks Bearish
* Strategy: Sell on rise
* Resistance: 5780
* Bank Nifty looks Bearish
* Strategy: Sell on rise
* Support: 12440
* Resistance: 11640
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