Bias turns a bit negative - IIFL

The International Monetary Fund has lowered its projections for India's economic growth to 4.5% for the 2012 calendar year from its earlier estimate of 4.9%. For the eurozone economy, IMF expects it will contract by 0.2% this year, after shrinking by 0.4% in 2012. Though the Indian market remained under selling pressure for most part of the day on Wednesday, it managed to end in the green. On the downside, the 6000 mark remains an important make or break levels for the near term uptrend.

The opening is set to be flat with a negative bias. The US markets closed in the green but the futures are pointing downwards. Asian markets are mostly flat.

Finance Minister P Chidambaram reiterated he would stick to a five-year road map for fiscal consolidation by looking for a 20% increase in revenues a year. RBI Governor D. Subbarao may meet the FM today. Meanwhile at Davos, Commerce and Industry Minister Anand Sharma said foreign partners can be assured of investment with a policy regime that is investor friendly, growth-oriented, open and transparent.

Source : Equity Bulls

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