Thursday, March 22, 2012

Coal Scam || Share Market Trend 23 March 2012

Coal Scam

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What is Coal Scam :- Suddenly all the online world is floating with the news of largest scam till now , the coal scam. According to CAG (Comptroller & Auditor General) reports, the government extended undue benefits totalling a Rs 10.67 lakh crore to commercial entities by giving them 155 coal acreages without auction between 2004 and 2009. The CWG scam is of Rs 70,000 crore, 2G scam is Rs 1.76 lakh crore. But, now the new coal scam is Rs 10.67 lakh crore. On the other hand, Mr PM (Manmohan Singh) refused all the blames on the ruling party by saying that they didn't receive any report from the CAG office.

Effect Of Coal Scam on Share Market

After the news of coal scams in the market , Indian share market tanked after trading rangebound in morning trade. The Nifty closed well below its psychologically important level of 5300 and all sectoral indices closed negative. Realty, power, banking and capital goods were the prime laggards in today's session and metal, consumer durables and oil & gas, too, closed with significant losses.

Share Market trend Tomorrow 23 March

Share market trend for tomorrow will be very volatile, Indian share market is expected to open on a red note tomorrow ahead of the coal scams news. Nifty will behave volatile and bit choppy some times. As it is the last trading day of the week, be cautious do not take any long positions overnight and play with proper stop loss. We recommend wait and watch strategy , till market get stability.

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