Survey Fails To Lift Markets...

<?xml version="1.0" encoding="UTF-8"?><root available-locales="en_US," default-locale="en_US"><static-content language-id="en_US"><![CDATA[The markets today failed to sustain higher levels and ended barely changed as even the pre-Budget Economic Survey for 2007-08 and Finance Minister P. Chidambaram's confident words on economic growth and containing inflation failed to lift the investor sentiments. Analysts said trading was range-bound as the markets are awaiting, with bated breath, Chidambaram's Budget proposals. Budget for 2008-09 assumes extra significance considering that this could be the UPA government's last full Budget before the General Elections next year. The 30-share benchmark Sensex on the Bombay Stock Exchange settled the day at 17,824.48 points, after moving in a range of 17,921.51 and 17,690.16 points. The BSE barometer had ended flat at 17,825.99 points yesterday also. The key index, however, did make a feeble attempt of recovery after the economic survey was tabled in Parliament at noon. Exuding confidence of 9 per cent growth in tandem with controlled inflation during 2008-09, Chidambaram said fundamentals were inspiring confidence and the investment climate was full of optimism. &quot;The new challenge is to maintain growth at these levels, not to speak of raising it further to double digit levels,&quot; stated the Survey, a report card on the economy presented in Parliament today. Markets remained directionless right from the beginning of trading in the absence of any major trigger with Asian and European indices being sluggish and crude oil prices hovering around their record highs, marketmen said. Indications of another rate cut amid increased worries about the US economy after dollar hit a new record low also caused concerns among investors. Marketmen said the trading activity was confined to squaring off positions by investors at the last day of the Futures &amp; Options series. Metal, healthcare and auto stocks witnessed good buying interest as investors covered short positions in these sectors, they added. Realty, bank and refinery shares witnessed fairly heavy selling pressure. The National Stock Exchange's S&amp;P CNX Nifty was virtually flat at 5,285.10 from previous close of 5,268.40. The market met strong resistance twice near 18,300 level for Sensex and 5,370 for Nifty in two weeks, an indication that these levels are crucial for the sustained technical pullback, according to analysts. The market breadth turned negative as 1,444 counters ended with losses while 1,276 closed with gains on the BSE. The trading volume was relatively low at Rs 5,028.03 crore from Rs 5,876.55 crore on Wednesday. OnMobile was top traded share with the highest turnover of Rs 271.36 crore followed by Rel Capital (Rs 186.13 crore), Manjushree Extru (Rs 173.38 cr), RIL (Rs 149.63 cr) and REL (Rs 147.69 cr). The broad-based BSE-100 index also ended hardly changed at 9,510.92 from previous close of 9,508.51. The BSE-200 index and the Dollex-200 were quoted stable at 2,240.51 and 935.47 at close from 2,240.83 and 937.84 respectively. (PTI)