Dealer’s Diary
The benchmark indices opened gap down, following the global meltdown triggered by mounting concerns over European debt crisis, indications of weak US job data and a crash in commodity and energy prices. However, the market recovered from lower levels in mid-morning trade but fresh selling at every small rise pulled the market near day's low in early afternoon trade. A weak start from European markets triggered a sell-off on the bourses in mid-afternoon trade. Sustained selling pressure in pivotals kept the market depressed in late trade. The market breadth was extremely weak. The BSE Sensex and NSE Nifty fell by 2.7% and 2.6% respectively. The BSE Mid-cap and Small-cap indices were down 2.6% and 3.2% respectively. Among the frontliners, Tata Power was up by 1%, while Hindalco Industries, Tata Steel, ONGC, Jaiprakash Associates and M&M were down by 4-6%. In the Mid-cap segment Torrent Pharma, United Breweries, KGN Industries, Godrej Consumer and Kirloskar Oil were up by 3-5%, while Jai Corp, National Fertilizer, Bombay Dyeing, Jagran Prakashan and Shriram Transport were down by 7-9%.
The trend deciding level for the day is 15913/4746 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16101–16410/4800–4881 levels. However, if NIFTY trades below 15913/4746 levels for the first half-an-hour of trade then it may correct up to15603-15416/4665–4611 levels.
Economic and Political News
RBI says interest rates for short-term loans may go up
FIPB will be empowered to clear Rs 1,200-cr proposals
Corporate News
Renuka Sugars to submit final bid for Brazilian co next week
SpiceJet looks to rope in new investor as Istithmar exits
M&M in global tie-up talks for premium bikes for Indian market
Tata Steel India sales up 9 pct in January
EIIL looking to acquire Rs 200-crore firm in FMCG market
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