National Company Law Tribunal reserves order in insolvency petition against Bharat Sanchar Nigam Limited filed by Digispice Technologies Ltd. Digispice claims BSNL refused to pay for content and consultancy services. BSNL disputes bill amount and existence of running account. Digispice initiated insolvency proceedings. Supreme Court allows insolvency proceedings against government companies.
On the upside, we expect the Nifty to target levels of 19,650. In terms of levels, crucial support zone is placed at 19,330 – 19,300 and immediate hurdle is placed at 19,520 – 19,550
Market sentiment has been hit since the hawkish remarks on inflation by the Reserve Bank of India, and this got further dampened by the US Federal Reserves view that interest rates may need to harden further to bring down inflation.