Dealer’s Diary
The key benchmark indices surged for the second straight day post positive announcements in Union Budget 2010-2011 late last week. The market surged in early trade tracking overnight gains in global stocks when the Indian market was closed for the Holi festival. The market pared gains in morning trade. The market surged in mid-morning trade with the Sensex hitting fresh intraday high extending gains in late trade. The BSE Sensex and the NSE Nifty closed with gains of 2.1% and 1.9% respectively. The BSE Mid-cap and Small-cap indices too closed well in green with gains of 2.2% and 2.3% respectively. Among the front-liners, Tata Motors, Tata Steel, Hindalco, Tata Power and M&M were up by 5-12%, while DLF, Reliance Infra, Hindustan Unilever, ONGC and NTPC were down by 0-2%. In the Mid-cap segment, Jet Air India, Jain Irrigation, Core Projects, Fortis Healthcare, Sterlite Technologies were down by 8-15%, while Shree Renuka Sugar, Ruchi Soya, ICI India, Dishman Pharma and Sunteck Realty were down by 2-3%.
Markets Today
The trend deciding level for the day is 16673/4994 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 16908–17043/5053–5088 levels. However, if NIFTY trades below 16673/4994 levels for the first half-an-hour of trade then it may correct up to 16538–16303/4958–4900 levels.
Economic and Political News
• Imports up 35.5% to $24.7bn in January
• Jan-Feb coffee export volumes surge 43%
• Steel players pass on the 2% Excise Duty hike
• RBI grants infrastructure status to cold storages
• PSUs to raise over Rs56,000cr via bonds, debentures
Corporate News
• Tata's Corus sells stake in European tar plant JV
• Vedanta raises $805mn via convertible bonds, partly to invest in Alumina Project in Orissa
• New Silk Route Partners picked ~30% in Nectar Lifesciences for Rs250cr @ Rs35/share
• Maytas Infra, HDFC Bank fix repayment plan
• BGR Energy Systems bags four projects worth Rs62.20cr
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