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Positive signals from the government helped the market recover more than half of the losses incurred yesterday. We may see the short-term decline stalling for now. However, the Nifty may be range-bound between 6,000 and 6,060 unless either of these levels are broken. The National Stock Exchange (NSE) reported a volume of 68.92 crore shares and advance-decline ratio of 764:963.The day’s high was hit after the news that the state-run oil marketing companies can now raise diesel prices in line with increases in global crude oil prices. The rise in prices may happen in small quantities over a period of time. The government also hiked the cap on subsidised LPG cylinders from six to nine which will be effective from April.The government on Thursday also approved a 50% reduction in the reserve price of spectrum used by CDMA mobile operators. The reserve price was fixed earlier at Rs18,200 crore. The spectrum auction for both GSM and CDMA will be completed by March 31 and markets will decide how much revenue the government will get. The Sensex closed 146 points (0.74%) higher at 19,964 and the Nifty rose 37 points (0.62%) to 6,039.
Markets likely to be positive. Supports at 5995 5940. Resistances at 6070 6100

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