Dealer’s Diary
The benchmark indices edged lower in choppy trade, as Rail Minister Mamata Banerjee announced a populist rail budget for 2010-2011. Weak global equities and lower US index futures also weighed on investor sentiment. Auto stocks declined on fears of a hike in excise duty in the upcoming Union Budget 2010-2011. Realty stocks edged higher, but consumer durables stocks fell. The market cut losses after an initial slide. The market pared its gains after hitting a fresh intraday high in morning trade, and moved between the positive and negative terrain in mid-morning trade. It drifted lower in afternoon trade, after the presentation of the Rail budget in parliament. The market recovered from the lower level in mid-afternoon trade. Both the BSE Sensex and the NSE Nifty closed down by 0.2% each. The BSE Mid-cap and Small-cap indices also closed in the red, down by 0.4% and 0.6%, respectively.
The trend deciding level for the day is 16257/4858 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16327–16398/4881–4904 levels. However, if NIFTY trades below 16257/4858 levels for the first half-an-hour of trade then it may correct up to 16186–16116/4835–4812 levels.
Economic and Political News
Indian Railways to invest Rs41,426cr in 2010-11
Indian Railways suffered an estimated Rs13,675cr loss in FY2010E, due to social service obligations
Government expected to hold 3G auction on April 9, 2010
Corporate News
Wipro sets up internal team to probe fraud
KPCL, L&T sign JV for 1,600mw power plant in Chhattisgarh
Gammon India bags order worth Rs137cr
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