The Central Statistical Organisation (CSO) will unveil the Industrial Production data for January 2011 on Friday, 11 March 2011. A Capital Market poll of 15 economists expects a median 2.8% growth in industrial production in January 2011. Industrial production growth eased to a 22-month low of 1.6% in December 2010 from an upwardly revised growth of 3.6% recorded in November 2010.
The fourth advance tax payment installment due 15 March 2011 will provide a cue on Q4 results of individual firms. Indian Corporates are required to pay advance tax in four installments based on estimated tax liability for the year under review.
Direct tax collections rose 20.75% to Rs.3,36,117 crore in April-February 2011 period from a year-ago period. The Government mopped up around Rs.18,616 crore in the month of February 2011, marginally higher than Rs.18,616 crore collected in the previous month.
Corporate income tax receipts in the first 11 months were up 24% to Rs.2,23,612 crore from 1,80,318 crore in the same period a year ago. Personal income tax grew 14.76% to Rs.1,12,114 crore. The Government has so far achieved 75.38% of the revised targeted estimate of Rs. 4.5 lakh crore for the entire fiscal year ending March 2011.
At the close, the benchmark 30-share index, BSE Sensex declined 141.97 or 0.77% at 18,327.98 with registering drop for 21 components and the broad based NSE Nifty fell by 36.60 or 0.66% at 5,494.40 with registering drop of 32 components.
FOR TODAY:Though crude eases a little bit, but all EU market as well as US markets were closed nearly 1-1.5% down. All Asian markets are trading deep in RED. SGX Nifty is trading at 5452, down 56.50 suggests Nifty may open around 5450 which is very very crucial area also. Below 5450, we may see 5440/5431/5400. On the upside, 5519 is now a resistance. Above 5519, 5550 may be achieved.
