Daily Equity Report by www.epicresearch.co - 1st March 2013

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indore, India (prHWY.com) March 1, 2013 - Indian Market
* Indian equity markets were down 1.79%
* Nifty down by 103.85 pts and settle at
5693.05
* Sensex down by 224.25 pts at 18928.16
* Bank Nifty down by 443.10 pts at
11487.00
Global Market
* European markets were up with FTSE
up by 9.45 closed at 6279 ,CAC up by
11.84 closed at 3633 and DAX up by
13.20 closed at 7610.
* Dow future was up 4.00 closed at
13863.00
Market Analysis
* Key benchmark indices edged lower in choppy trade after Finance Minister P. Chidambaram raised the surcharge on corporate tax to 10% from 5% for domestic companies whose taxable income exceeds Rs 10 crore per year and raised the surcharge on dividend distribution tax 10% from 5% for the Financial Year 2013-14. The market breadth was weak. The Sensex was down 95.39 points or 0.5%, up 123.12 points from the day's low and off 265.26 points from the day's high
* The Finance Minister P Chidambaram levied 10% surcharge on persons earning above Rs 1 crore a year. This will apply to individuals, HUFs, firms and entities with similar tax status. The additional surcharge will be in force for only one year i.e. Financial Year 2013-14..
* The finance minister (FM) has cut the Securities Transaction Tax (STT) on equity futures trades to 0.01% from current 0.017%. The STT on redemption of mutual fund (MF) units/exchange traded funds (ETF) at fund counters has been cut to 0.001% from 0.25%. The STT on sale of MF/ETF units via the stocks exchanges has been cut to 0.001% from 0.1%.
* Bank stocks dropped. State Bank of India (down 4.24%), ICICI Bank (down 3.29%), Punjab National Bank (down 3.76%), Federal Bank (down 2.42%), Axis Bank (down 2.82%), Canara Bank (down 2.74%) and IDBI Bank (down 2.28%) declined. HDFC Bank rose 0.68%
* The projected fiscal deficit target for FY 2014 is 4.8%. Chidambaram projected also that the fiscal deficit for the current financial year ending March 31 will be 5.2%, lower than the previous forecast of 5.3%.
HEADLINE
* Budget 2013: FM offers minor sops to
income tax payers in Budget
* India Budget 2013: Chidambaram
proposes 10% surcharge on super-rich
* Budget 2013: FM allows farmers to
borrow from private banks at 4%
* Budget 2013: FM allows farmers to
borrow from private banks at 4%

STOCKS TO WATCH
* ALLAHABAD BANK
* ADANI
* ITC
* TCS
FACTORS TO WATCH
NIFTY
* Nifty looks Bearish
* Strategy: Sell on rise
* Support: 5650
* Resistance: 5730
BANK NIFTY
* Bank Nifty looks Bearish
* Strategy: Sell on rise
* Support: 11400
* Resistance: 11550

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Epic Research is a leading financial services provider with presence in Indian and other global capital markets. Provides Stock Tips, Forex Tips, Commodity Tips, MCX Tips, Equity Tips, Tips, Intraday Tips, Stock Futures Tips, NSE Tips, BSE Tips, COMEX Tips, NCDEX Tips. We provide services in equity, commodity and Forex market.
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