Market likely to test Feb lows; upswing seen by Dec

Market will remain rangebound for a while, but is likely to test the lows seen in February.Feel good sentiment in the wake of the Union Budget and the Fed decision to pause on rates.he implementation of the Seventh Pay Commission, a good monsoon and rate cuts feeding into the economy will improve sentiment for equities. According to Jaipuria, pharma stocks are not cheap at current levels, but investors can hold on to them. He expects volatility in these shares in the run up to the Presidential elections in the US. He does not see crude prices rallying too much this year as the demand equation is still weak.

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Draghi tells EU leaders he can't fix the economy on his own

European Central Bank President Mario Draghi warned European leaders on Thursday that monetary policy alone would not be enough to jump-start the economy and that governments needed to do their job by pushing through structural reforms. "I made clear that even though monetary policy has been really the only policy driving the recovery in the last few years, it cannot address some basic structural weaknesses of the euro zone economy," Draghi told reporters. 

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The market started off last day of the week on a positive note, tracking global and oil rally. The 30-share BSE Sensex rose 79.40 points to 24756.77 and the Nifty advanced 21.65 points to 7534.20. Hindalco Industries, Bharti Airtel, TCS, ONGC, Adani Ports, Idea Cellular, Cairn India and Vedanta gained 1-2 percent while Lupin fell 2 percent on CLSA downgrade. Sun Pharma, HUL, Dr Reddy's Labs and BPCL were other losers.

Asian shares edged higher on Friday, turning positive for the year, while the US dollar weakened broadly after the Federal Reserve's cautious stance on further rate increases prompted investors to rebuild their bets on riskier assets.

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The S&P BSE Sensex rose as much as 90 points in early morning trade on Friday, led by gains in TCS, Infosys, RIL, ICICI Bank, Bharti Airtel, and ONGC.The Nifty50 was trading comfortably above its crucial level of 7500 supported by gains in realty, oil & gas, capital goods, metal, consumer durable, and banking stocks. 

The NSE Nifty rose 0.18 percent on Thursday tracking a rally in Asian markets after the U.S. Federal Reserve signalled fewer rate hikes this year, but profit-taking capped broader advances.

Bharti Airtel to acquire Videocon Telecom spectrum for Rs 4428cr

India's largest telecom operator (by subcriber base) Bharti Airtel   has acquired Videocon Telecom for Rs 4,428 crore.  Bharti Airtel will get rights to use 2X5 MHZ in 1800 band allocated to Videocon by the Government of India, Ministry of Communication & IT, Department of Telecommunication (DoT) on April 5, 2013.   On Wednesday, Idea Cellular   had terminated its spectrum deal with Videocon under which it was supposed to buy two circles - Gujarat and Uttar Pradesh (West) - for Rs 3,310 crore. Post the deal, Bharti’s 4G coverage will go upto 19 circles from the current 15. 

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Steel industry to see better days, worst behind us: Tata Steel

The steel industry is likely to see good days ahead as the "worst is behind us", Tata Steel   India Managing Director T V Narendran said today. "The worst is behind us," Narendran said on the sidelines of CII's annual regional conference here. Referring to steel prices, Narendran said he did not wish to predict their range for the next few months, but said domestic steel price was still lower than minimum import price (MIP) imposed by the government in February.

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If this pace of net foreign buying is maintained for the rest of the month, she is potentially looking at a USD 12-13 billion month. According to her, biggest recipients are Taiwan, Korea, India and Thailand.The market has opened higher on Fed's move. The Sensex is up 230.07 points or 0.9 percent at 24912.55, and the Nifty is up 70.40 points or 0.9 percent at 7569.15. About 616 shares have advanced, 124 shares declined, and 19 shares are unchanged. ICICI Bank, Hindalco, GAIL, Tata Steel and Tata Motors are top gainers.

Indian markets joined a global rally triggered by the Fed's decision to hold interest rates steady, while lowering expectations for the number of rate hikes this year. The US central bank noted that the American economy continues to face external risks.