Profit booking likely to continue for third straight day

Key benchmark indices are likely to extend losses for the third consecutive day in a choppy trade mirroring subdued Asian markets. The SGX Nifty futures for April 2009 series was down 3 points in Singapore. However stock specefic activity will be high in companies that will be announcing their March 2009 quarterly results.
ACC, Ambuja Cement, GTL, HCL Technologies, Hindustan Zinc, Marico, Tata Sponge Iron, Yes Bank and Zee Enterprises will declare their March 2009 quarterly results today, 22 April 2009.
Political uncertainty, with polling for India's 15th Lok Sabha underway, may lead to volatile swings on the bourses. The month-long parliamentary elections that began on 16 April 2009 will conclude on 13 May 2009 with results due on 16 May 2009. Poll estimates point to a fractured mandate.
Asian markets were trading mixed today, 22 April 2009. Key benchmark indices in China and South Korea rose 0.28% and 0.84% respectively. However indices in Hong Kong, Taiwan, Singapore, and Japan were down by between 0.02% and 1.48%.
US markets gained on Tuesday, 21 April 2009 as investors were encouraged by comments from Treasury Secretary Tim Geithner that most banks are well capitalized.
The Dow Jones industrial average gained 127.83 points, or 1.6%, to 7,969.56. The S&P 500 index rose 17.69 points, or 2.1%, to 850.08, and the Nasdaq Composite index rose 35.64 points, or 2.2%, to 1,643.85
Back home, key benchmark indices settled lower for the second running day on Tuesday, 21 April 2009 on investors continued to book profits after a recent surge. The BSE 30-share Sensex fell 81.39 points or 0.74% and the S&P CNX Nifty lost 11.80 points or 0.35% to 3,365.30.
Earlier the BSE 30-share Sensex jumped 35.08% or 2862.69 points to 11,023.09 on 17 April 2009 from a 3-year closing low of 8,160.40 on 9 March 2009.
According to provisional data on NSE, foreign institutional investors (FIIs) were net sellers worth Rs 191.01 crore while domestic institutional investors funds sold shares worth Rs 187.69 crore on Tuesday, 21 April 2009.