Dealer’s Diary
The benchmark indices opened on a cautious note ahead of the Union Budget for 2010-11. Markets traded with marginal gains in a narrow band for the entire morning session, before key positive announcements from the Finance Minister took markets sharply higher to intra-day highs in the afternoon. However, markets were unable to sustain the Budget euphoria as they slipped lower in final session, albeit to close higher than previous close with gains of more than 1%. The BSE Sensex and the NSE Nifty closed with gains of 1.1% and 1.3% respectively. The BSE Mid-cap and Small-cap indices too closed well in green with gains of 1.5% and 1.1% respectively. Among the front-liners, Tata Motors, Hindalco, M&M, Hero Honda and Reliance Infra were up by 5-6%, while ITC, Tata Power and BHEL were down by 1-6%. In the Mid-cap segment, IFCI, Amtek Auto, Moser Baer, Shriram Transport Finance and Ashok Leyland were down by 6-8%, while UTV Software, Astrazeneca, Indiabulls Real Estate, Shree Renuka Sugar and Kalpataru Power were down by 3-4%.
The trend deciding level for the day is 16449/4924 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16649–16869/4990–5058 levels. However, if NIFTY trades below 16449/4924 levels for the first half-an-hour of trade then it may correct up to 16230–16030/4857–4791 levels.
Economic and Political News
Feb factory growth at 20-month high: PMI
Cement Companies raise prices by Rs10-12/bag
Government plans Satluj Jal Vidyut Nigam IPO in April to raise Rs1,200cr
Corporate News
GVK eyes management control of Bangalore Airport
Texas Pacific Group may acquire Vishal Retail
SC rejects Bayer AG’s plea to stay Cipla’s cancer clone of Nexavar
Bhushan Steel to spend Rs26,000cr to build 6lakh tonnes steel plant at Bellary
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