>Market Insight 16-02-2009 (RELIGARE SECURITIES)

The Dow closed negative and other markets are trading in the red. The finance minister will announce the interim budget today; expectations from this budget are high given the ongoing economic slowdown. While there is likely to be some relief for certain sectors like auto and exports, we do not anticipate major changes in policies or tax rates. The situation in the US remains grim and hence we will see more bad news before any revival is seen. We remain bearish on our market for the short term; for today we expect high volatility.

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