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MTECHTIPS:-Technical Snapshot
The Nifty gave a managed a positive close yesterday, as the index ended a volatile session flat with small gains. Sentiments also remained higher after state-owned oil marketing companies IOC, BPCL and BPCL edged higher on reports that Cabinet Committee on Political Affairs (CCPA) meeting later today for deciding on diesel, cooking gas and kerosene price hike.The sentiments also got dampened after HSBC cut its GDP growth forecasts for FY13 and FY14 citing the lack of reform traction, a more challenging global economic backdrop, and expectations of further delay in rate cuts by the Reserve Bank of India (RBI). HSBC expects India to grow 5.7% in FY13, down from its previous forecast of 6.2%. buying in PSU space helped the gauges to trade above their neutral line as shares of select PSU companies edged higher amid media reports that the Union Cabinet on Friday will consider approving plans for selling some of the Governments stake in five state-run companies.Media shares like, TV18 Broadcast, NDTV and BAG Films and Media edged higher on renewed buying ahead of the October 31, 2012 deadline for cable TV digitization in four metro cities of Delhi, Mumbai, Kolkata and Chennai. However, gains remain capped as shares of Pantaloon Retail and Shoppers Stop after Union Commerce 7 Industry Minister Anand Sharma announced that the proposal to allow foreign retailers such as Wal-Mart and Carrefour to set up shop in India was not on the CCEA's agenda.