Dealer’s Diary
The benchmark indices surged in early trade, tracking firm global stocks. Global stocks rose after the US Fed held benchmark rates near zero and maintained its pledge to keep them low for an extended period. However, after hitting its highest level in nearly two months in morning trade, the market trimmed gains in early afternoon trade. The Sensex and the Nifty gained 0.6% and 0.7%, respectively, while the BSE Mid-cap and Small-cap indices gained 0.2% and lost 0.1%, respectively. Among the front-liners, Hindalco, ICICI Bank, TCS, L&T and Sun Pharma were up by 2-3%, while Maruti, HUL, Tata Power and Mahindra & Mahindra were down by 1-2%. In the mid-cap segment, STC, Andrew Yule, HMT, Amtek Auto and Engineers India were up by 5-18%, while Shriram City, MVL, Bannari Amman Sugar, Coromandel Intl, and Shree Renuka were down by 4-6%.
The trend deciding level for the day is 17485 / 5223 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17581 – 17673 / 5269 – 5307 levels. However, if NIFTY trades below 17485 / 5223 levels for the first half-an-hour of trade then it may correct up to 17394 – 17298 / 5186 – 5140 levels.
Economic and Political News
• Ports capacity to reach 1.5 billion tonnes by 2012: Shipping Ministry
• Govt. to invite bids for mega road projects
• India's arms import doubles in five years
Corporate News
• L&T bags Rs1,000cr project from ONGC
• Sanofi faces heat as WHO halts use of Shantha vaccine
• Dr Reddy's opens mPEG alcohol manufacturing plant in Mexico
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