Markets at a glance

While the repo rate and CRR hikes by the RBI on March 30 made for a bad opening on Monday last week, the government's descision to scrap countervailing and additional import duty on portland cement on Wednesday only added to the negative sentiment.

On the other hand, firm global markets, cooling oil prices and the cement manufacturers' desicion to not cut back prices fuelled market sentiment positively.

While the Sensex lost 216 points (1.6 per cent) to close at 12856 points on Thursday, the Nifty lost 69.55 points (1.8 per cent) to close at 3752 points.

What to expect this week

Markets are expected to remain flat to negative this week as investors will be building expectations on the March 2007 quarter results. However, market participants believe that the performance of the companies in the fourth quarter will be strong.

Though crude oil prices have declined marginally, there are still concerns. It is a key week for the tech sector as Infosys will announce its results and guidance on April 13.

Stock to watch

Zee Entertainment
Last week's close (Rs)	268.90
Prev. week's close (Rs)	250.68
Week's high (Rs)	273.95
Week's low (Rs)	238.05
Last week's ave. daily turnover (Rs cr)	47.83
Prev. week's ave. daily turnover (Rs cr)	45.29
Number of up/down move	1-Mar

Volumes of the Zee Entertainment stock witnessed a surge as it announced Rs 100-crore cricket league through a joint venture with Essel Group and Infrastructure Leasing & Financial Services (IL&FS), which would offer annual prize money of $1 million.

The league will comprise of six teams or clubs in the first year, that will go up to 16 teams over the next three years. According to market experts, the Zee Entertainment stock could see further positive move due to this announcement even after the stock went up over 7 per cent last week.

Meanwhile, Zee has been focussing on growing its flagship Hindi entertainment channel, Zee TV, by launching new soaps, musicals and comedy shows.