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Indices are seen correcting in the upcoming truncated week, which is expected to see thin
volumes on account of the extended weekend cutting the week short.
Index heavyweight ITC is seen declining heavily after the Delhi government notified of a ban on most tobacco products. Other companies dealing with tobacco--Godfrey Phillips and VST
Industries--are also expected to fall.
Developments over the Yemen crisis, and currency and crude oil price movements will also lend cues to domestic markets.
The Nifty is seen facing resistance at 8450, and seeing support at 8100, having ended at 8341.40, down 0.75 points or flat from Thursday's close. The S&P BSE Sensex closed at 27458.64, up 1.06 points or flat. However, market participants do not rule out a bounce back after the Nifty hit a one-month low of 8269.15 yesterday.
Among sectors, persistent volatility is likely to push up pharmaceutical stocks, which are a part of defensives which traditionally gain in the face of a bearish market and are seen as safe bets.
Meanwhile, the banking sector is likely to see volatility, with the Bank Nifty having seen a swing of 373.05 points on yesterday session, and ending 1.2% higher. Metals stocks will also continue to remain under pressure in the near term, Energy, Metal, Realty and PSU banking looks weakest amongst all the sectoral indices so traders may choose stocks from these segment for fresh short positions," Religare Securities' Manglik was quoted as saying.
The automobile sector is also seen in focus as constituents of the sector disclose monthly sales figures for March.
In stock specific news, Jindal Steel and Power is likely to decline, having ended 4.6% higher
today at 157.20 rupees after the Delhi High Court ruled that Coal India would be the custodian for the company's two scrapped Gare Palma IV/2 and Gare Palma IV/3 coal blocks, alongside Bharat Aluminium Co's Gare Palma IV/1 coal block.
The high court said it would hear the companies' plea against the government's decision to scrap their auction determined coal blocks wins on Apr 13. Coal India is expected to react positively to this development.
Fortis Healthcare is likely to do well on having sold its Singapore-based subsidiary to Concord Medical for $55 mln.
