Dealer’s Diary
The benchmark indices erased almost all their gains after an early rally, as investors turned cautious ahead of the Union Budget 2010-2011, later this week. Consumer durables and realty stocks fell, but rising metal prices on the LMEX boosted local metal shares. After a firm start triggered by higher Asian stocks, the market pared gains in morning trade and regained strength in midmorning trade. The Sensex moved in a narrow range in early afternoon trade. The market once again pared gains in mid-afternoon trade. The market cut almost all the intraday gains in late trade. The BSE Sensex and NSE Nifty closed up by 0.3% and 0.2%, respectively. However, the BSE Mid-cap and Small-cap indices closed in the red, down by 0.6% and 1.0%, respectively.
The trend deciding level for the day is 16284/4871 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16376–16516/4897–4938 levels. However, if NIFTY trades below 16284/4871 levels for the first half-an-hour of trade then it may correct up to 16145–16052/4831–4805 levels.
Economic and Political News
RBI to reduce 80% risk weight on loans to government-backed power projects
UIDAI extends bidding deadline for IT projects
Indian personal computer (PC) market grew 25.7% yoy during 3QFY2010
Corporate News
Power Grid to raise Rs3,500cr
Apollo Tyres to make Chennai its R&D hub by setting up Rs2,000cr facility
Inox’s stake purchase in Fame violates takeover norms alleges Reliance Media
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