Dealer’s Diary
The benchmark indices suffered a severe setback, as blue-chip stocks collapsed like a pack of cards in what was a highly volatile trading day. The markets extended their five-day losing trend today as they played catch-up with rest of its Asian peers, which had witnessed a sell-off on January 26, 2010. The Sensex and the Nifty were down by 2.9% and 3.1%, respectively. The BSE Mid-cap and Small-cap indices were down by 4.0% and 5.1%, respectively. Among the frontliners, ITC was the lone gainer, up 0.4%, while Tata Steel, DLF, Tata Motors, Wipro and Hindalco Industries were down by 6-8%. In the Mid cap segment, Cadila Health, Torrent Pharma, Cummins India, Infotech Enterprises and Rolta India were up by 1-7%, while Indiabulls Finance, Gujarat NRE Coke, Rashtriya Chemicals & Fertilizers, Jet Air India and Indiabulls Real Estate were down by 11-13%.
Markets Today
The trend deciding level for the day is 16410/4898 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16589–16888/4963–5074 levels. However, if NIFTY trades below 16410/4898 levels for the first half-an-hour of trade then it may correct up to 16111–15932/4788–4723 levels.
Economic and Political News
Govt. clears four port projects worth Rs 4,120 cr.
Andhra Pradesh hikes VAT on jet fuel
Air India, Indian Airlines merger to stay: Govt.
Jaiprakash Power Ventures to raise $300 mn via bonds
Essar Steel to invest $2.5 bn for expansion
PVR, DLF deal postponed to Feb 15
Lanco Infratech bags Rs 5,675 cr contracts
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