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About Today's market

The key benchmark indices were trading higher in afternoon deals led by gains in metal, realty, oil & gas and IT stocks.
Volatility ruled the roost on the bourses with the Sensex recovering soon after hitting intraday low in early afternoon trade. The Sensex was up 0.5 per cent to 8,472. The Nifty gained 1 per cent to trade at 2,648.

The severe global economic crisis, a slowdown in the domestic economy, a weak rupee and sustained selling by foreign funds, however, weighed on the investor sentiment.
Key benchmark indices opened firm tracking recovery in Asian stocks but soon slipped into the red for a brief period before regaining positive zone. The market weakened again in morning trade before cutting losses. It later moved between positive and negative zone. The market weakened again with Sensex hitting intraday low in early afternoon trade. The market soon cut loss. It later moved between positive and negative zone.

There has been heavy selling by foreign funds this year. FII outflow in February 2009 totaled Rs 2707 crore. FII outflow in calendar year 2009 totaled Rs 7418.80 crore (till 2 March 2009).

Asian stocks staged an intraday rebound today, 4 March 2009. China's Shanghai Composite index was up 6.21% after the latest data showed the pace of contraction in the manufacturing sector eased in February 2009.

ICICI bank stocks tips

CI BANK LTD 292.1000 -3.5000 ( -1.1840 %)

Highlights	Query	Analyst Call
52 Week High: 1060 One Week Change: -9.82% One Month Change: -21.33% One Year Change: -68.80%	Sudhir Dure, a software engineer from Bangalore, asks if he can buy ICICI Bank at current levels.	The stock is likely to be volatile in the near future. The investor can wait for now and look to enter the stock at Rs 250 levels.

Market trends

Tracking losses in world markets, the key benchmark index ended at its lowest closing level since November 10, 2005. The Sensex fell 180 points to end at 8,427, after a plunge in the late trade.

Markets today

Despite a major crash on the Wall Street wherein the Dow dropped over 4% to close below the 7,000-mark for the first time in 12 years, the Sensex opened just 24 points lower at 8,583 as recovery in other asian markets helped sentiment.

The index rebounded into the positive zone and touched a high of 8,635 backed by fresh buying in cement and realty stocks. Fresh selling in late noon trades saw the index slip back into red and extended losses towards the close.

The Sensex dropped to a low of 8,397, and finally (provisional) ended with a loss of 196 points at 8,411.

3rd Economic stimulus for Indian Industry

Giving relief to the industry reeling under the impact of slowdown, the government today reduced the rates of excise duty and service tax.
While the general excise duty has been reduced from 10 per cent to 8 per cent, the rate of service tax has been cut from 12 per cent to 10 per cent.
Four per cent excise cut announced earlier in the stimulus package in December will continue beyond March 31, Finance Minister Pranab Mukherjee said while winding up the debate on the Interim Budget in the Lok Sabha today.
The Lok Sabha later approved the Interim Budget by voice vote, amidst a walkout by the Opposition BJP and erstwhile supporters Left parties.
Mukherjee further said that duty on bulk cement has been reduced from 10 per cent to 8 per cent.

Markets are on Leave

Markets are on leave today due to Maha Shivarathiri.