Intermediate correction to continue

The current chart projections suggest that the Nifty could drop till 4075-4100 points.

Another massive sell-off in mid-week meant that the broad market lost more ground but there was a partial recovery on Friday. The Sensex was down a nominal 0.65 per cent closing at 15,138 points while the Nifty lost about 0.98 per cent to close at 4,401 points.

The Defty lost 0.68 as the rupee gained again, after the RBI’s latest monetary policy was released. The Nifty Junior was down 0.61 per cent.

The market breadth remained negative while volumes dipped through the week. The broad BSE 500 was down 0.44 per cent. The Bank Nifty was however, a gainer to the tune of 2.3 per cent on the basis of a relatively benign RBI policy.

The CNX IT dropped a disproportionate 4 per cent. Institutional attitude showed a divergence with domestic funds being net buyers while FIIs sold. Read more in Business Standard

GMR Infra plans SEZ in Tamil Nadu

Bangalore-based GMR Infrastructure has signed a memorandum of understanding (MoU) with the Tamil Nadu Industrial Development Corporation (TIDCO) for the development of a multi-product special economic zone (SEZ) in Krishnagiri district.

According to a release issued by GMR to the BSE today, the SEZ would be developed through a special purpose vehicle (SPV) to be set up through a joint venture in partnership with TIDCO.

The multi-product SEZ will be spread around 3,300 acres, and the cost for developing the basic infrastructure is estimated around Rs 2,300 crore. The total development cost, including industrial and social infrastructure, would be around Rs 11,000 crore.

The SEZ would be operational by 2009, and the entire development would be completed by 2014, the release added.