Dealer’s Diary
The key benchmarks edged lower on profit taking. Nevertheless, the market breadth was strong, with some side counters surging sharply. The market edged higher in early trade, on firm Asian stocks. It remained range-bound later. The market slipped into the red in morning trade. It came off the lower level in midmorning trade, regaining the positive zone, but once again slipped into the red in mid-afternoon trade. The Sensex and Nifty lost 0.6% and 0.8%, respectively, while the BSE Mid-cap and Small-cap indices outperformed the benchmark indices to end the trading session higher by 0.2% and 0.8%, respectively. Among the front-liners, DLF, Tata Motors, Sterlite, BHEL and ICICI Bank were up by 1-3%, while HDFC Bank, Infosys, Sun Pharma, Grasim and Hero Honda were down by 2-3%. In the mid-cap segment, Asian Star, JM Financial, Corporation Bank, Gujarat Industries and Kansai Nerolac were up by 6-18%, while MVL, Engineers India, Deccan Chronicle, Indusind Bank and Polaris Software were down by 3-8%.
The trend deciding level for the day is 17644/5280 levels. NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 17730–17869/5308–5353 levels. However, if NIFTY trades below 17644/5280 levels for the first half-an-hour of trade then it may correct up to 17504–17419/5234–5206 levels.
Economic and Political News
· Govt. expects Rs150cr from direct tax in IPL-3
· Steel Min. seeks PM support for 20% export duty on ore
· Service Tax on railway freight only from July: Fin Min
Corporate News
· L&T bags Rs1,126cr orders for Metallurgical, Material Handling & Water projects
· Supreme Infra. Bags an order worth Rs44cr
· SAIL forms a JV with Shipping Corporation of India
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