The markets remained weak last week, making the Nifty slip below the 7000-mark on Thursday. Global conditions, along with no major triggers on the domestic front, were the reasons for the slip. The Nifty has resistance at 7090 and 7210. Above these two levels, the index may face resistance at 7471, but chances of a move above 7210 are very unlikely. Support for the market is seen at 6852 and 6580. On the back of fall in crude oil prices and on concerns of a global slowdown, overseas investors mainly remained sellers in the current month. According to data available from depositories, for February 1-18, foreign portfolio investors (FPIs) sold Rs 4,503 crore in equities and they were sellers of R 96 crore in the debt market, which caused a net outflow of Rs 4,599 crore ($673 million). In January 2016, they were sellers in equities worth Rs 13,381 crore, but they infused Rs 3,274 crore in debt. In 2015, FPIs had bought in a net Rs 17,806 crore in equities and Rs 45,856 crore in bond markets.

The Economic Survey 2016 which was tabled in Parliament in New Delhi during the Budget session. Pic/PTI

Sale mode
The Government sold 5 per cent of the total paid up equity share capital or 412.2 million equity shares of the country’s largest power producer NTPC last week, through the offer for sale (OFS) route. The Government had 74.96 per cent stake in the company and the floor price was fixed at Rs 122 a share, which was at a discount of 3.82 per cent of the closing price on Monday. After selling, the Government will hold a majority stake of 69.96 per cent in the company. During the current financial year, the Govt. has sold stakes in IOC, PFC, REC Ltd, Engineers India and Dredging Corporation.