Stocks to Watch: Maytas Infra, Roman Tarmat, Bhuwalka Steel, Poddar Pigments

Sectors like infrastructure, IT and export oriented companies are likely to be in the limelight after the finance minister Pranab Mukherjee in his budget speech laid emphasis on infrastructure spending, scrapping FBT and extending STPI and sops for the export companies.

Crude oil prices recovered modestly in Asian trade Tuesday but worries over the weak US economy is likely to keep a lid on gains. New York's main contract, light sweet crude for August delivery, rose $ 64.25 per barrel. Brent North Sea crude for August delivery was at $64.25.

The rupee was higher at 48.32 per dollar against previous close of 48.56 supported by hopes for a pullback in the domestic stock market.

In a U-turn, the government reverted its decision and handed over the construction of two greenfield airports to Maytas Infra. The state has reposed faith in Maytas heeding to a request by the Union government, which has taken control recently by reconstituting the board of Maytas.

Roman Tarmat has bagged Rs 24.58 crore order for Widening to six lanes and strengthening of Taramani Link road.

Bhuwalka Steel Industries has received order to the tune of Rs 40 crore for supply of Mild Steel long products.

Poddar Pigments has approved buy back of company's fully paid-up equity shares of the face value of Rs 10 from the open market, at a price not exceeding Rs 42/- per share upto an amount of Rs 951 Lakh.

Support for Sensex at 13400-12600

BSE Sensex (14043): We said ‘we now head into budget with a volatile trading session ahead and the best thing to do in the circumstances is to stay away from the market until the budget is digested and a trend emerges’. The market opened firm and the budget got digested in the first 10 minutes and the market cracked like nine pins. Now the best thing to do is to have a deep stop above 15000 and sell all reactions until we find strong supports.



The support for the Sensex is 13400-12600 and the resistance to the up move is at 14420-15000.



Nifty (4166): The support for the Nifty is at 3870 and the resistance to the up move is at 4250.

Finance Minister P Chidambaram expects some slowdown in all sectors and added that the impact of global crisis in India would last for six-nine months. He said that exports, capital flows and exchange rates would get affected but added that the global crisis would not have a direct impact on India.

Chidambaram, who attended the G-20 Meet in Washington — the next of which is scheduled in April 2009 — said the meet had adopted a detailed and ambitious action plan. There was a broad agreement [at the G-20] on common accounting standards among countries, Chidambaram added, terming it as a coordinated effort to work on financial stability. He also felt that more governance reforms are needed in the IMF, or International Monetary Fund, and expects more representation for developing countries.



The Finance Minister also added that developing countries were still under represented. He said that protectionism was not the answer to the current crisis and believes that free flow of goods, services and capital was the key to solve the current crisis.